Cleveland-based KeyCorp priced its offering of $750.0 million of 2.550% series O senior medium-term notes due Oct. 1, 2029.
Interest payments will be made Oct. 1 and April 1 of each year, with the first payment to be made April 1, 2020. KeyCorp said the notes will not be redeemed at any time before the maturity date.
The company expects net proceeds after underwriting discount and commission of $746.0 million. The notes are expected to be delivered to investors Sept. 11.
KeyBanc Capital Markets, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint book-running managers of the offering. BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the senior co-managers, while Academy Securities Inc. and Blaylock Van LLC are the co-managers.
