State Street floats new Series L preferred stock in fresh capital raise

What's the deal? State StreetDealroom has a profile for this one. Try Dealroom → (NYSE: STT) has launched an underwritten public offering of 500,000 depositary shares tied to a new class of fixed-rate reset perpetual preferred stock, Series L. Each depositary share represents one-hundredth of a Series L preferred share. The filing did not disclose the offer price or total proceeds.

What it means. The perpetual preferred stock has a dividend that resets annually to the prevailing risk-free rate and is convertible into common shares. Goldman SachsDealroom has a profile for this one. Try Dealroom → and Morgan StanleyDealroom has a profile for this one. Try Dealroom → are underwriting the offering.

Read more: AktienSensor

Image credit: Glen Bowman