By Cristal Cody
Tupelo, Miss., Feb. 3 – KeyCorp priced $800 million of 2.25% seven-year senior medium-term notes (Baa1/BBB+/A-/A) on Monday at 99.879 to yield 2.268% and a spread of Treasuries plus 82 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the 100 bps over Treasuries spread area.
KeyBanc Capital Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to repay for general corporate purposes.
Cleveland-based KeyCorp is a bank holding company for regional bank KeyBank.
| Issuer: | KeyCorp
|
| Amount: | $800 million
|
| Description: | Series O senior medium-term notes
|
| Maturity: | April 6, 2027
|
| Bookrunners: | KeyBanc Capital Markets Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Senior co-managers: | J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Academy Securities, Inc. and CastleOak Securities, LP
|
| Coupon: | 2.25%
|
| Price: | 99.879
|
| Yield: | 2.268%
|
| Spread: | Treasuries plus 82 bps
|
| Call features: | Non-callable
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| DBRS: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 100 bps area
|
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