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KeyCorp to redeem $707.19 million of trust preferreds from two trusts
By Ashley Montgomery
Kansas City, Kan., June 12 - KeyCorp announced the redemption of trust preferred securities issued by two of its trusts, according to an 8-K filed with the Securities and Exchange Commission.
The securities will be redeemed July 12.
Affected are the $139,108,000 5.7% trust preferred securities issued by KeyCorp Capital VII and $568,083,325 of 8% enhanced trust preferred securities issued by KeyCorp Capital X.
The 5.7% preferreds will be redeemed at $1,000 per share and the 8% preferreds will be redeemed at $25 per share.
The company said it would fund the redemption with available cash.
KeyCorp is a Cleveland-based financial services company.
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