KeyCorp Prices Preferred Stock Depositary Shares Offering
Ticker: KEY-PL · Form: 8-K · Filed: Sep 9, 2024 · CIK: 91576
Sentiment: neutral
Topics: preferred-stock, capital-raise
Related Tickers: KEY
TL;DR
KEY priced preferred stock offering, details on capital raise.
AI Summary
KeyCorp announced on September 6, 2024, the pricing of its offering of depositary shares. Each depositary share represents a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E. The filing does not specify the dollar amount of the offering or the exact price per share.
Why It Matters
This filing indicates KeyCorp is raising capital through preferred stock, which can impact its financial leverage and dividend payouts.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a capital raise event and does not contain negative news.
Key Players & Entities
- KeyCorp (company) — Issuer of the depositary shares
- Series E (preferred_stock) — Specific series of preferred stock being offered
- 2024-09-06 (date) — Date of the transaction
FAQ
What is the total dollar amount of the depositary shares offering?
The filing does not specify the total dollar amount of the offering.
What is the dividend rate for the Series E Preferred Stock?
The filing states it is 'Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E', but the specific rates are not detailed in this 8-K.
What is the par value of the common shares mentioned?
The filing mentions 'CommonShares1ParValueMember' but does not specify the par value amount.
When was the company formerly known as Society Corp?
The company's name changed from Society Corp on July 3, 1992.
What is the SIC code for KeyCorp?
The Standard Industrial Classification (SIC) code for KeyCorp is 6021, which corresponds to NATIONAL COMMERCIAL BANKS.
Filing Stats: 496 words · 2 min read · ~2 pages · Grade level 13.5 · Accepted 2024-09-09 08:15:56
Key Financial Figures
- $1 — ge on which registered Common Shares, $1 par value KEY New York Stock Exchan
- $7.0 billion — ties portfolio by selling approximately $7.0 billion of low-yielding investment securities,
- $700 million — xpected after-tax loss of approximately $700 million in the third quarter of 2024. The inves
Filing Documents
- d898120d8k.htm (8-K) — 31KB
- g898120g0909065516930.jpg (GRAPHIC) — 2KB
- 0001193125-24-215513.txt ( ) — 217KB
- key-20240906.xsd (EX-101.SCH) — 6KB
- key-20240906_def.xml (EX-101.DEF) — 15KB
- key-20240906_lab.xml (EX-101.LAB) — 27KB
- key-20240906_pre.xml (EX-101.PRE) — 16KB
- d898120d8k_htm.xml (XML) — 11KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): September 6, 2024 KeyCorp (Exact name of registrant as specified in charter) 001-11302 (Commission File Number) Ohio 34-6542451 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 127 Public Square Cleveland , Ohio 44114-1306 (Address of principal executive offices and zip code) (216) 689-3000 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, $1 par value KEY New York Stock Exchange Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E) KEY PrI New York Stock Exchange Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F) KEY PrJ New York Stock Exchange Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G) KEY PrK New York Stock Exchange Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H) KEY PrL New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item8.01 Other Events . On September 6, 2024, KeyCorp initiated a strategic repositioning of its available-for-sale investment securities portfolio by selling approximately $7.0 billion of low-yielding investment securities, resulting in an expected after-tax loss of approximately $700 million in the third quarter of 2024. The investment securities that were sold had a weighted average book yield of approximately 2.3% and an average duration of approximately 6 years. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KEYCORP Date: September 9, 2024 /s/ Andrea R. McCarthy Name: Andrea R. McCarthy Title: Assistant Secretary