State Street Ties with Black-Owned Businesses to Underwrite $1.5Bn of Senior Unsecured Debt

State Street Corporation (NYSE: STT) announced recently that it has issued an aggregate of $1.5 billion of senior unsecured debt. The offering, which closed on February 7, was structured in keeping with State Street's ongoing inclusion, diversity and equity efforts, with Siebert Williams Shank & Co., LLC and Loop Capital Markets LLC acting as bookrunners, and CastleOak Securities, L.P. and Blaylock Van, LLC acting as co-managers. All four firms are Black-owned investment firms. Collectively, these investment firms have underwritten almost half of the debt securities in the issuance. The full underwriting syndicate also included Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC acting as bookrunners, with Citigroup Global Markets Inc. acting as co-manager.

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This action reinforces the firm's strong commitment to strengthening Black-owned businesses and represents an ongoing effort by State Street to partner with Black and Latinx-owned investment firms, as well as firms owned by other underrepresented groups, as part of its debt offerings. This offering marks the third such State Street issuance in under a year where syndication has been structured under State Street's inclusion, diversity and equity (IDE) strategy, reflecting the firm's continuing efforts to amplify the impact of its actions supporting its Environmental Social & Governance initiatives.

Supporting Black-owned businesses as underwriters complements a number of ongoing IDE-related efforts within the firm's 10 Actions to Address Racism and Inequality,and contributes meaningfully to Black equity in society consistent with the firm's MLT Black Equity at Work Certification plan.

"We are pleased to announce this deal as we begin our celebration of Black History Month in the U.S," said Eric Aboaf, chief financial officer of State Street Corporation. "The partnership with these highly regarded Black-owned businesses allows us to amplify our impact as an organization by improving diverse representation within our industry."

The aggregate $1.5 billion offering of senior notes priced at the tight end of initial price talk areas for each tranche and had an aggregate final orderbook that was 2.0 times oversubscribed.