By Andrea Heisinger
New York, Aug. 10 - KeyCorp priced an upsized $750 million of 3.75% five-year senior medium-term notes on Tuesday at a spread of 225 basis points over Treasuries, a syndicate source away from the deal said.
The size was increased from a planned $500 million, with the notes pricing at the tight end of guidance in the range of 225 to 237.5 bps.
The notes (Baa1/BBB+/A-) priced at 99.878 to yield 3.777%. They are non-callable.
J.P. Morgan Securities Inc., KeyBanc Capital Markets and Morgan Stanley & Co. Inc. were the bookrunners.
Senior co-managers were Deutsche Bank Securities Inc., Goldman Sachs & Co. Inc. and UBS Investment Bank.
Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities, Keefe, Bruyette & Woods Inc. and Sandler O'Neill & Partners LP were the co-managers.
Proceeds are going to general corporate purposes.
The financial services company is based in Cleveland.
| Issuer: | KeyCorp
|
| Issue: | Senior unsecured medium-term notes
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Aug. 13, 2015
|
| Bookrunners: | J.P. Morgan Securities Inc., KeyBanc Capital Markets, Morgan Stanley & Co. Inc.
|
| Senior co-managers: | Deutsche Bank Securities Inc., Goldman Sachs & Co. Inc., UBS Investment Bank
|
| Co-managers: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities, Keefe, Bruyette & Woods Inc., Sandler O'Neill & Partners LP
|
| Coupon: | 3.75%
|
| Price: | 99.878
|
| Yield: | 3.777%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Non-callable
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Price talk: | 225 to 237.5 bps
|
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