KeyCorp plans to offer fixed-to-floating senior notes due 2035

By Mary-Katherine Stinson

Lexington, Ky., Feb. 26 – KeyCorp expects to price series S fixed-to-floating rate senior notes due 2035, according to a 424B5 filed with the Securities and Exchange Commission.

The notes will bear interest at compounded SOFR plus a margin.

The notes will be redeemable at a make-whole amount after 180 days until 2034, one year prior to maturity. On the first par call date, they will be redeemable in whole or in whole or in part after a date in 2034 that is three months prior to maturity, in both cases at par.

KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC and are the bookrunners.

The company will use in-house counsel and/or Squire Patton Boggs (US) LLP. Sidley Austin LLP is serving as counsel to the underwriters.

Proceeds will be used for general corporate purposes.

KeyCorp is a Cleveland-based financial services company.

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