CLEVELAND, Jan. 12, 2017 /PRNewswire/ -- KeyCorp (NYSE:
KEY) announced today that it has provided notice of its intention
to redeem all outstanding shares of its Fixed-to-Floating Rate
Perpetual Non-Cumulative Preferred Stock, Series C (NYSE: KEY.H)
(the "Preferred Stock") on February 15,
2017.
There are 14 million shares of Preferred Stock, with an
aggregate liquidation preference of $350
million, currently outstanding. The Preferred Stock, issued
in connection with KeyCorp's 2016 acquisition of First Niagara
Financial Group, Inc. to replace First Niagara's preferred stock,
will be redeemed for cash at a redemption price of $25 per share. Since the redemption date for the
Preferred Stock is also a dividend payment date, the redemption
price of $25 per share does not
include any declared and unpaid dividends. Declared dividends of
$.539063 per share, which were
declared by the Board of Directors today, for the full current
quarterly dividend period from and including November 15, 2016 to but excluding February 15, 2017 will be paid separately in the
customary manner on February 15, 2017
to holders of record on February 3,
2017. All shares of the Preferred Stock are held in
book-entry form through the Depository Trust Company ("DTC") and
will be redeemed in accordance with the procedures of DTC. Upon
redemption, the Preferred Stock will no longer be outstanding and
all rights with respect to such stock will cease and terminate,
except the right to payment of the redemption price. Also upon
redemption, the Preferred Stock will be delisted from trading on
the New York Stock Exchange.
Computershare, KeyCorp's transfer agent, will serve as the
redemption agent. Computershare is located at 250 Royall
Street, Canton, MA 02021.
About KeyCorp
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $135.8 billion at September 30,
2016. Key provides deposit, lending, cash management, insurance,
and investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications, and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "outlook," "goal,"
"objective," "plan," "expect," "anticipate," "intend," "project,"
"believe," "estimate" and other words of similar meaning.
Forward-looking statements represent management's current
expectations and forecasts regarding future events. If underlying
assumptions prove to be inaccurate or unknown risks or
uncertainties arise, actual results could vary materially from
these projections or expectations. Factors that could cause Key's
actual results to differ from those described in the
forward-looking statements can be found in KeyCorp's Form 10-K for
the year ended December 31, 2015, as
well as in KeyCorp's subsequent SEC filings, all of which have been
filed with the Securities and Exchange Commission and are available
on Key's website (www.key.com/ir) and on the Securities and
Exchange Commission's website (www.sec.gov). Forward looking
statements speak only as of the date they are made and Key does not
undertake any obligation to update the forward-looking statements
to reflect new information or future events.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/keycorp-provides-notice-of-redemption-of-series-c-preferred-stock-300390566.html
SOURCE KeyCorp