KeyCorp to redeem $350 million fixed-to-floating perpetual preferreds

By Wendy Van Sickle

Columbus, Ohio, Jan. 12 – KeyCorp plans to redeem all outstanding shares of its fixed-to-floating rate perpetual non-cumulative preferred stock, series C, on Feb. 15, according to an 8-K filed with the Securities and Exchange Commission.

There are 14 million shares with a total liquidation preference of $350 million outstanding.

The shares, which were issued in connection with KeyCorp’s 2016 acquisition of First Niagara Financial Group, Inc. to replace First Niagara’s preferred stock, will be redeemed for cash at $25 per share.

Dividends of $0.539063, which were declared by KeyCorp’s board on Thursday for the period from Nov. 15 through Feb. 15, will be paid separately in their regular manner.

KeyCorp is a Cleveland-based financial services company.

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