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State Street enters into underwriting agreement related to sale of depositary shares

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State Street enters into underwriting agreement related to sale of depositary shares

on April 4entered into an underwriting agreement related to the issue and sale of 20million depositary shares, according to a Form 8-K filed April 8.

Each depositaryshare represents a 0.00025 ownership interest in a share of State Street'sseries G fixed- to floating-rate noncumulative perpetual preferred stock with aliquidation preference of $100,000 per share.

Theoffering was priced at $25 per depositary share. The net proceeds to StateStreet from the offering will be about $493.9 million, after deducting expensesand underwriting discounts and commissions. State Street intends to use up toapproximately $485 million of the net proceeds to fund the cash considerationpayable for its planned acquisitionof GE Asset Management Inc.

Prior tothe anticipated closing of the GE Asset Management acquisition, State Street plans to investthese proceeds in cash and short-term cash equivalents. State Street intends touse the remaining net proceeds of the offering for general corporate purposes,which may include, without limitation, working capital, capital expenditures,investments in or loans to State Street subsidiaries, refinancing ofoutstanding indebtedness, refinancing of outstanding capital securities, sharerepurchases, dividends, funding potential future acquisitions and satisfactionof other obligations.

StateStreet entered into the underwriting agreement with Morgan Stanley & Co.LLC, Merrill Lynch Pierce Fenner & Smith Inc., UBS Securities LLC and WellsFargo Securities LLC, as representatives for several underwriters.