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KeyCorp Capital X, 8.00% Enhanced TruPS Trust Preferred Securities
Ticker Symbol: KEY-F* CUSIP: 49327R103 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/12/2012
Security has been Called for: Thursday, July 12, 2012
From the 6/12/2012 NYSE Trader Updates -- Effective immediately, the 8.00% Enhanced Trust Preferred Securities (Enhanced TRUPS) of KEYCORP CAPITAL X shall be dealt in as called issues (KEY PR F CL). This issue will be called for redemption on July 12, 2012 at $25.00 per share plus any accrued dividends/distributions. All orders for uncalled stocks (KEY PR F) are cancelled. ____________ This security is possibly subject to an early call as a result of the occurrence of a Regulatory Capital Event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ July 8, 2009 -- KeyCorp today announced that it was commencing an offer to exchange common shares of KeyCorp for any and all Trust Preferred Securities of KeyCorp Capital V and KeyCorp Capital VI, and any and all Enhanced Trust Preferred Securities of KeyCorp Capital VIII, KeyCorp Capital IX and KeyCorp Capital X (the "Trust Preferred Exchange Offer"). This follows KeyCorp's recent announcement that it had successfully closed its previously announced exchange offers and that it believes it has fulfilled the U.S. Government's requirement under the Supervisory Capital Assessment Program ("SCAP") - the so-called "stress test" - to generate $1.8 billion of tier 1 common equity capital. With that announcement, KeyCorp also indicated a desire to further enhance its tier 1 common equity capital through this additional offer. In connection with the Trust Preferred Exchange Offer, for each Trust Preferred Security of KeyCorp Capital V, KeyCorp Capital VI, KeyCorp Capital VIII, KeyCorp Capital IX and KeyCorp Capital X (collectively, the "Capital Trusts") accepted in accordance with the terms of the Trust Preferred Exchange Offer, KeyCorp will issue a number of its common shares that will be fixed according to an exchange ratio, which will be announced by us prior to 9:00 a.m., New York City time, on Monday, August 3, 2009. For each Trust Preferred Security of KeyCorp Capital V, KeyCorp Capital VI, KeyCorp Capital VIII and KeyCorp Capital IX tendered on or prior to 11:59 p.m., New York City time, on Tuesday, July 21, 2009 (and not subsequently withdrawn), KeyCorp will issue a number of its common shares equal to the quotient of $22.00 divided by the Average VWAP. Average VWAP means the arithmetic average of VWAP, as displayed under the heading Bloomberg VWAP on Bloomberg Page KEY < equity > AQR (or its equivalent or successor page if such page is unavailable), for the five consecutive trading day pricing period, which is currently expected to end on and include the Pricing Date of July 31, 2009. For each Trust Preferred Security of Capital V, KeyCorp Capital VI, KeyCorp Capital VIII, and KeyCorp Capital IX tendered after 11:59 p.m., New York City time, on Tuesday, July 21, 2009 but prior to the expiration date of the Trust Preferred Exchange Offer (and not subsequently withdrawn), KeyCorp will issue a number of its common shares equal to the quotient of $20.75 divided by the Average VWAP. For each Trust Preferred Security of KeyCorp Capital X tendered on or prior to 11:59 p.m., New York City time, on Tuesday, July 21, 2009 (and not subsequently withdrawn), KeyCorp will issue a number of its common shares equal to the quotient of $22.50 divided by the Average VWAP. For each Trust Preferred Security of KeyCorp Capital X tendered after 11:59 p.m., New York City time, on Tuesday, July 21, 2009 but prior to the expiration date of the offer (and not subsequently withdrawn), KeyCorp will issue a number of its common shares equal to the quotient of $21.25 divided by the Average VWAP. The Average VWAP and the exchange ratios will be announced in a press release before the opening of NYSE trading on Monday, August 3, 2009. This information also will be available at www.key.com/exchangeoffers and from D.F. King & Co., Inc., the information agent. The Trust Preferred Exchange Offer will expire at 11:59 p.m. New York City time, on Tuesday, August 4, 2009, unless extended or earlier terminated by KeyCorp. Trust Preferred Securities that are tendered may be withdrawn at any time prior to expiration. To receive the consideration in the Trust Preferred Exchange Offer, holders must validly tender and not withdraw their securities prior to such expiration date.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: KeyCorp Capital X, 8.00% Enhanced TruPS (Trust Preferred Securities), liquidation amount $25 per share, guaranteed by KeyCorp (NYSE: KEY) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 3/15/2013 at $25 per share plus accrued and unpaid dividends, and maturing 3/15/2068. Cumulative distributions of 8.00% ($2.00) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record one business day prior to the payment date while the securities remain in global security form. Dividends paid by trust preferred securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to five consecutive years before the alternative payment mechanism takes effect and up to ten consecutive years without giving rise to an event of default (but not beyond the maturity date). The trust's assets consist of the 8.00% Junior Subordinated Deferrable Interest Debentures due 3/15/2068 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (KEY)
IPO - 2/22/2008 - 28.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: KEYXP Changed: 3/17/2008
Market Value $700.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 127 Public Square, Cleveland, OH 44114 |
Main Phone Number |
216-689-6300 |
Fax Number |
216-689-7009 |
Investor Relations
Vernon L. Patterson
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216-689-0520
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Toll Free Phone Number |
800-539-7216 |
CEO - Henry L. Meyer III |
CFO - Jeffrey B. Weeden |
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