KeyCorp forces conversion of 7.75% series A convertible preferreds

By Wendy Van Sickle

Columbus, Ohio, March 9 – KeyCorp said all 2,900,234 shares of its 7.75% series A non-cumulative perpetual convertible preferred stock will convert into common shares, par value $1.00, effective March 20.

Holders will receive 7.0922 common shares for each preferred share. Cash will be paid instead of fractional common shares, according to an 8-K filing with the Securities and Exchange Commission.

The dividend payment of $1.9375 per share announced on Jan. 12 will be paid in the normal manner on March 15.

KeyCorp is the holding company for KeyBank and is based in Cleveland.

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