By Aleesia Forni
Virginia Beach, Sept. 8 – KeyCorp sold $1 billion of 2.9% senior medium-term notes, series N, due Sept. 15, 2020 with a spread of 137.5 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes (Baa1/BBB+/A-) priced on Tuesday at 99.982 to yield 2.904%.
Pricing was at the tight end of talk set in the 140 bps area over Treasuries.
KeyBanc Capital Markets, Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes.
The financial services company is based in Cleveland.
| Issuer: | KeyCorp
|
| Amount: | $1 billion
|
| Description: | Senior notes, series N
|
| Maturity: | Sept. 15, 2020
|
| Bookrunners: | KeyBanc Capital Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Co-managers: | IFS Securities Inc., Williams Capital Group LP
|
| Coupon: | 2.9%
|
| Price: | 99.982
|
| Yield: | 2.904%
|
| Spread: | Treasuries plus 137.5 bps
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area, tightened from Treasuries plus 145 bps to 150 bps
|
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