KEYCORP /NEW/ (KEY) Form 424B5 — Oct 28, 2026
KeyCorp priced a $1.0 billion offering of 5.889% fixed-to-floating rate senior notes due November 2, 2032 under its medium-term note program, Series U. The notes pay a fixed 5.889% semiannually through November 2031, then float at compounded SOFR plus 1.300% quarterly until maturity. The offering priced at 100.000% of par with a 0.350% underwriting discount, leaving net proceeds of roughly $996.5 million. Joint book-runners are KeyBanc Capital Markets (an affiliate, creating a disclosed conflict of interest under FINRA Rule 5121), Goldman Sachs, Morgan Stanley, and RBC Capital Markets, with eight co-managers.
Key figures
- Debt Amount
- 1000000000
- Interest Rate
- 5.889% fixed to floating (Compounded SOFR + 1.300%)
- Maturity Date
- 2032-11-02
- Gross Proceeds
- 1000000000
- Offering Price
- 100.000%
- Settlement
- T+4, on or about November 2, 2026
- Fixed rate period
- November 2, 2026 to November 2, 2031
- Offering expenses
- $425,000
- Floating rate period
- quarterly from February 2, 2032
- Minimum denomination
- $2,000
- Underwriting discount
- $3,500,000 (0.350%)
- Net proceeds before expenses
- $996,500,000
- Total senior indebt at mar31 2026
- $5.4 billion
- Outstanding sub debt at mar31 2026
- $445 million
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