State Street Corporation (STT, Financial) has announced its decision to redeem two series of its senior notes, totaling $800 million, as part of its financial strategy. The company will redeem its $500 million aggregate principal amount of 4.857% Fixed-to-Floating Rate Senior Notes due 2026, known as the "January Notes," on January 27, 2025. Additionally, State Street will redeem its $300 million aggregate principal amount of 1.746% Fixed-to-Floating Rate Senior Notes due 2026, referred to as the "February Notes," on February 6, 2025.
The redemption price for both the January and February Notes will be 100% of the principal amount, plus any accrued and unpaid interest up to, but excluding, the respective redemption dates. After these dates, interest will no longer accrue on the notes. State Street plans to fund the redemption using cash on hand, reflecting a strategic move to manage its financial obligations efficiently.
This announcement is part of State Street's ongoing efforts to optimize its capital structure and enhance shareholder value. Investors and stakeholders are encouraged to stay informed about further developments from State Street Corporation.
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