State Street collaborates with Black-Owned Businesses to fund $1.5 billion in senior unsecured debt

Published on:
C1-State street-Black Business woman entrepreneur businewss photo

In addition to commemorating Black History Month, this offering reaffirms State Street's dedication to fostering diversity within the financial services industry.

State Street Corporation announced today the issuance of $1.5 billion in senior unsecured debt. The offering, which closed today, was structured in accordance with State Street's ongoing inclusion, diversity, and equity efforts, with bookrunners Siebert Williams Shank & Co., LLC and Loop Capital Markets LLC and co-managers CastleOak Securities, L.P. and Blaylock Van, LLC. All four firms are majority-owned by African-Americans. These investment firms have collectively underwritten nearly half of the debt securities issued. The full underwriting syndicate also included bookrunners Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC, as well as co-manager Citigroup Global Markets Inc.

This action demonstrates the firm's strong commitment to strengthening Black-owned businesses and is part of State Street's ongoing effort 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 is the third such State Street issuance in less than a year with syndication structured under the firm's inclusion, diversity, and equity (IDE) strategy, reflecting the firm's ongoing efforts to amplify the impact of its actions supporting its Environmental, Social, and 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 significantly to Black equity in society in accordance with the firm's MLT Black Equity at Work Certification plan.

"We are pleased to announce this transaction as we begin our celebration of Black History Month in the United States,"

said State Street Corporation's chief financial officer, Eric Aboaf.

"Our collaboration with these highly regarded Black-owned businesses enables us to multiply our impact as an organisation by improving diverse representation in our industry."

"We are honoured to play such a significant role in this note issue for State Street,"

Siebert Williams Shank & Co., LLC chairman Chris Williams said.

"By mandating diverse firms as joint bookrunners with full participation in the investor book building and allocation process, Siebert is able to add value for our issuers, support our institutional clients, and challenge our professionals."

"We are thrilled to be a part of this transaction and applaud State Street's efforts to foster greater diversity and inclusion in financial services, which are passions we share,"

said Beth Hammack, co-head of Goldman Sachs' Global Financing Group within the Investment Banking Division.

"We applaud State Street for their vision and the opportunity they have provided to our partner firms in this exciting transaction."

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

Source: State Street news

Share:
esg
esg
esg
esg

Companies Headlines

BASF and Evonik Replace Fossil with Renewable Feedstocks

BASF and Evonik Replace Fossil with Renewable Feedstocks

Evecon, Mirova Open Largest Solar Park in Estonia

Evecon, Mirova Open Largest Solar Park in Estonia

OneFortyOne Invests $30m in Renewable Energy Projects

AWS, SLB Leverage New Technologies to Reduce CO2 Emissions

Nestlé Introduces New Sustainable Paper-Based Options

Tesla Invests Heavily in Sustainable Products

WNS, Uniqus Partner for ESG, Accounting, and Reporting

Smithfield Foods Launches GHG Reporting System

CultivateAI Joins Gevo to Advance Carbon Tracking Solutions

Archroma Launches PLANET CONSCIOUS+ for Sustainable Textiles

More from State Street Corp
State Street names a new Global Chief Marketing Officer.
State Street names a new Global Chief Marketing Officer.
State Street Global Advisors Announces the Launch of Two SPDR® MSCI Climate Paris Aligned ETFs
State Street Global Advisors Announces the Launch of Two SPDR® MSCI Climate Paris Aligned ETFs
SPDR® Nuveen Municipal Bond ESG ETF is launched by State Street Global Advisors
SPDR® Nuveen Municipal Bond ESG ETF is launched by State Street Global Advisors
DonnaLee DeMaio is elected to the board of directors of State Street
DonnaLee DeMaio is elected to the board of directors of State Street