By Andrea Heisinger
New York, Dec. 10 - KeyCorp priced $1.25 billion of notes in two tranches Wednesday that are backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program, according to a market source.
The larger tranche was $1 billion of 3.2% notes due 2012 priced at 99.905 to yield 3.229%, or Treasuries plus 211 basis points.
The second tranche was $250 million of two-year floating-rate notes priced at par to yield three-month Libor plus 65 bps.
The non-callable notes (Aaa/AAA/AAA) are guaranteed until maturity.
Bookrunners were KeyBanc Capital Markets, Credit Suisse Securities, Morgan Stanley & Co. Inc. and UBS Investment Bank.
The holding company for KeyBank NA is based in Cleveland.
| Issuer: | KeyCorp
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $1.25 billion
|
| Bookrunners: | KeyBanc Capital Markets, Credit Suisse Securities, Morgan Stanley & Co. Inc., UBS Investment Bank
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Fixed-rate notes
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2012
|
| Coupon: | 3.2%
|
| Price: | 99.905
|
| Yield: | 3.229%
|
| Spread: | Treasuries plus 211 bps
|
| Call: | Non-callable
|
|
|
| Floating-rate notes
|
| Amount: | $250 million
|
| Maturity: | December 2010
|
| Coupon: | Three-month Libor plus 65 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 65 bps
|
| Call: | Non-callable
|
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