Arnold & Porter Advises DTCC on $500 Million Preferred Stock Offering

Arnold & Porter advised The Depository Trust & Clearing Corporation (DTCC) on its offering of $500 million of Series D Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock in accordance with Rule 144A under the Securities Act. The offering closed on June 15, 2021.

The preferred stock offering represents the third significant financing that Arnold & Porter has completed for the DTCC group of companies since 2020, following two senior notes offerings last year for National Securities Clearing Corporation (NSCC), a subsidiary of DTCC, that raised aggregate proceeds of $4 billion.

Partner and Capital Markets practice co-head Christopher Peterson led the  Arnold & Porter team, which also included Corporate & Finance senior associates William Becker and Robert Fischbeck and associates Brady Randall and Greg Criscitello; Executive Compensation partner Jeffrey London and senior associate Megan Juel; and Tax partner David Sausen and associate Anna Parnes.