By Andrea Heisinger
New York, March 21 - KeyCorp priced $1 billion of 5.1% 10-year senior medium-term notes series I on Monday at Treasuries plus 180 basis points, according to a source away from the sale.
The notes (Baa1/BBB+/A-) sold at 99.907 to yield 5.112%. They are non-callable.
J.P. Morgan Securities LLC, Morgan Stanley & Co., Inc. and KeyBanc Capital Markets Inc. ran the books.
Senior co-managers were Deutsche Bank Securities Inc., Goldman Sachs & Co. and UBS Securities LLC.
Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. were co-managers.
Junior co-managers were Keefe Bruyette & Woods Inc. and Sandler O'Neill & Partners LP.
The proceeds from the notes, along with a concurrent offering of $625 million in common stock, are being used to repurchase the 25,000 shares of preferred stock issued to the U.S. Treasury as part of the Troubled Asset Relief Capital Purchase Program in late 2008.
The financial services company is based in Cleveland.
| Issuer: | KeyCorp
|
| Issue: | Senior medium-term notes, series I
|
| Amount: | $1 billion
|
| Maturity: | March 24, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co., Inc. and KeyBanc Capital Markets Inc.
|
| Senior co-managers: | Deutsche Bank Securities Inc., Goldman Sachs & Co., UBS Securities LLC
|
| Co-managers: | Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Junior co-managers: | Keefe Bruyette & Woods Inc., Sandler O'Neill & Partners LP
|
| Coupon: | 5.1%
|
| Price: | 99.907
|
| Yield: | 5.112%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Non-callable
|
| Trade date: | March 21
|
| Settlement date: | March 24
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
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