KeyCorp calls $30 million trust preferreds from two Union State trusts

By E. Janene Geiss

Philadelphia, Sept. 1 - KeyCorp has issued a call to redeem $30 million of trust preferred securities from two trusts, according to an 8-K filing with the Securities and Exchange Commission.

Affected are the following securities:

• Union State Statutory Trust II's $20 million of floating-rated capital securities, which will be redeemed Oct. 31; 2011; and

• Union State Statutory Trust IV's $10 million of floating-rated capital securities, which will be redeemed Oct. 7.

The trust preferred securities will be redeemed at $1,000 per trust preferred security plus accrued and unpaid interest to the redemption date, the filing noted.

The redemptions are in connection with KeyCorp's updated capital plan, which was submitted to the Federal Reserve System on June 10 and provided for one additional capital action related to the redemption of some of the company's trust preferred securities. The Federal Reserve System notified KeyCorp on Aug. 1 that it had no objection to the updated capital plan.

The redemptions will be funded with existing available cash.

The financial services company is based in Cleveland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.