State Street has raised $500.1 million in a sale of remarketed junior subordinated debentures, Reuters reports. The company intends to use the proceeds to buy the shares of non cumulative perpetual preferred stock to be issued by it on March 15, 2011. 

The Illinois-based financial services holding company appointed Goldman Sachs as the sole bookrunning manager for the deal. The notes carry a coupon rate of 4.956%, and are due to mature on March 15, 2018. 

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