CLEVELAND, March 9, 2017 /PRNewswire/ -- KeyCorp (NYSE: KEY)
announced today that all of its outstanding 7.75% Non-Cumulative
Perpetual Convertible Preferred Stock, Series A (NYSE: KEY.G) (the
"Series A Preferred Stock") will convert into KeyCorp common
shares, effective March 20, 2017 (the
"Mandatory Conversion Date").
On the Mandatory Conversion Date, holders of the Series A
Preferred Stock will receive 7.0922 KeyCorp common shares for each
share of Series A Preferred Stock. Cash will be paid in lieu
of fractional common shares. There are currently 2,900,234
shares of Series A Preferred Stock outstanding. No action by
holders of the Series A Preferred Stock is required.
KeyCorp previously announced that a dividend payment of
$1.9375 per share of Series A
Preferred Stock was declared by the Board of Directors on
January 12, 2017, payable on
March 15, 2017 to holders of record
on February 28, 2017. This
dividend payment will be made in the customary manner. Upon
conversion, the Series A Preferred Stock will no longer be
outstanding and all rights with respect to the Series A Preferred
Stock will cease and terminate, except the right to receive the
number of whole common shares issuable upon conversion of the
Series A Preferred Stock and any required cash-in-lieu of
fractional shares. Upon conversion, the Series A Preferred
Stock will be delisted from trading on the New York Stock Exchange.
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 $136.5 billion at December 31,
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, 2016, 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.
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SOURCE KeyCorp