KeyCorp plans $25-par fixed rate non-cumulative perpetual preferreds

By James McCandless

San Antonio, July 23 – KeyCorp plans to price an offering of $25-par series F fixed-rate perpetual non-cumulative preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The preferreds are redeemable after five years.

KeyCorp plans to use the proceeds for general corporate purposes, which may include working capital, capital expenditures, investments in or loans to its subsidiaries, refinancing of outstanding indebtedness, refinancing of outstanding capital securities, repurchases of common or preferred stock, dividends, potential future acquisitions and satisfaction of other obligations.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “KEYPrJ.”

KeyCorp is a Cleveland-based financial services company.

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