New Issue: KeyCorp prices $700 million 8% 60-year preferred securities at par of $25

By Andrea Heisinger

Omaha, Feb. 20 - KeyCorp Capital X priced $700 million 8% 60-year enhanced trust preferred securities Wednesday at par of $25, an informed source said.

The securities (A3/BBB/A-) are non-callable for five years, until March 15, 2013.

Bookrunners were Citigroup Global Markets Inc. and Wachovia Capital Securities LLC. Co-managers were KeyBanc Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Banc of America Securities LLC and RBC Capital Markets.

Proceeds of the securities will be used to purchase junior subordinated debentures.

The trust branch of KeyCorp is based in Cleveland.

Issuer:	KeyCorp Capital X
Issue:	Enhanced trust preferred securities
Amount:	$700 million
Maturity:	March 15, 2068
Bookrunners:	Citigroup Global Markets Inc., Wachovia Capital Securities LLC
Co-managers:	KeyBanc Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Banc of America Securities LLC and RBC Capital Markets
Dividend:	8%
Price:	Par of $25
Call:	Non-callable until March 15, 2013
Trade date:	Feb. 20
Settlement date:	Feb. 27
Ratings:	Moody's: A3
	Standard & Poor's: BBB
	Fitch: A-

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