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KeyCorp closes sale of depositary shares

KeyCorp on Dec. 12 closed the sale of 20 million depositary shares, each representing 0.025 of a series E fixed-to-floating-rate perpetual noncumulative preferred share. The term sheet listed $500 million as the size of the offering.

Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., UBS Securities LLC and Wells Fargo Securities LLC were joint book-running managers.

The net proceeds totaled about $490.2 million.