KeyCorp | 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A (KEY.PRG)

Prospectus excerpt:  KeyCorp is offering 6,500,000 shares of its 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A, $1.00 par value, with a liquidation preference of $100 per share (the ˘Series A Preferred Stock÷).

Dividends on the Series A Preferred Stock, when, as and if declared by our board of directors, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on September 15, 2008, at a rate per annum equal to 7.750%. If our board of directors has not declared a dividend on the Series A Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and we will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Stock are declared for any future dividend period.

Each share of the Series A Preferred Stock will be convertible at any time, at your option, into 7.0922 of our common shares (equivalent to an initial conversion price of approximately $14.10 per common share), plus cash in lieu of fractional shares, subject to adjustment as described in this prospectus supplement. The conversion rate will be adjusted as described in this prospectus supplement upon the occurrence of certain other events.

On or after June 15, 2013, if the closing price of one of our common shares exceeds 130% of the conversion price for 20 trading days during any consecutive 30 trading day period, including the last day of such period, we may, at our option, cause some or all of the then outstanding Series A Preferred Stock to be automatically converted into our common shares at the then prevailing conversion rate.

The Series A Preferred Stock will not be redeemable at any time.

Full Prospectus PDF », KEY Page »

Alternate symbology:KEY-G, KEY-PG, KEYprG
Conversion Ratio:7.0922
Conversion Price:$14.10
Shares Offered:6,500,000
Liquidation Preference:$100
Original Coupon:7.75%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
CDx3 Compliance Rating: Learn KEY.PRG's Rating
KeyCorp is a bank holding company. Through its principal subsidiary, KeyBank National Association and certain other subsidiaries, Co. has the following main business segments: Consumer Bank, which serves individuals and small businesses by providing a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services; and Commercial Bank, which is focused principally on serving the needs of middle market clients in the following industry sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology.


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Banking & Savings
Number of ETFs Holding KEY: 
120 (see which ones)
Total Market Value Held by ETFs: 
Total Market Capitalization: 
% of Market Cap. Held by ETFs: 

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