KeyCorp exchanges common stock for $113.97 million 7.75% series A convertible preferreds

By Angela McDaniels

Tacoma, Wash., May 14 - KeyCorp said the holders of $113.97 million of its 7.75% series A non-cumulative perpetual convertible preferred stock agreed to take common stock in exchange for their preferreds.

In total, the holders exchanged 1,139,700 preferreds for 13,670,362 shares of common stock, which represents 2.64% of KeyCorp's common stock outstanding as of Tuesday.

The exchanges are expected to settle by Monday, according to an 8-K filing with the Securities and Exchange Commission.

KeyCorp is the holding company for KeyBank and is based in Cleveland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.