KeyCorp markets series H fixed-rate reset perpetual preferreds

Chicago, Aug. 17 – KeyCorp entered the Wednesday market with a series H offering of fixed-rate reset perpetual non-cumulative preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

Each $25-par depositary share will represent a 1/40th interest in a share of the preferred stock.

The initial fixed rate resets for the first time on Dec. 15, 2027 and then at five-year intervals thereafter.

The preferreds can be redeemed at par on the first reset date and then on any dividend payment date going forward.

KeyCorp is applying to list the shares on the New York Stock Exchange under the symbol “KEYPrL.”

There will be a 30-day over-allotment option.

The joint bookrunners are BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC.

Squire Patton Boggs (US) LLP is advising the issuer. Sidley Austin LLP is working as counsel for the underwriters.

Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, investments in loans to subsidiaries, refinancing of outstanding debt, refinancing of outstanding capital securities, share repurchases, dividends, funding potential future acquisitions and satisfaction of other obligations.

KeyCorp is a Cleveland-based financial services company.

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