KeyCorp has filed a current report on Form 8-K announcing its intention to redeem all outstanding Series E Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock. The redemption is scheduled to occur on December 15, 2026.
The company currently has 20,000,000 depositary shares outstanding, representing 500,000 shares of Preferred Stock. These shares carry an aggregate liquidation preference of $500,000,000. The Preferred Stock will be redeemed for cash at a price of $1,015.3125 per share, or $25.3828125 per depositary share. This redemption price is calculated as the liquidation preference of $1,000.00 per share plus any accumulated and unpaid dividends and distributions through the redemption date.
KeyCorp stated that all shares of the Preferred Stock are held in book-entry form through the Depository Trust Company (DTC). The redemption will be processed in accordance with DTC procedures. Upon the completion of the redemption, the Preferred Stock will no longer be outstanding, and the depositary shares will be delisted from trading on the New York Stock Exchange.
Computershare, KeyCorp’s transfer agent, will serve as the redemption agent and is located at 250 Royall Street, Canton, MA 02021.
