KeyCorp (KEY) Prices $625M Common Offering
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KeyCorp (NYSE: KEY) has priced a 70,621,470 common stock offering at $8.85 per share.
Gross proceeds from the offering are expected to be about $625 million.
The price is a 0.8% discount to Friday's closing price of $8.92 per share.
The underwriters have a 30-day option to purchase up to an additional 7,062,147 shares of common stock from KeyCorp to cover over-allotments. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering, with KeyBanc Capital Markets Inc. acting as joint lead manager for the offering.
Gross proceeds from the offering are expected to be about $625 million.
The price is a 0.8% discount to Friday's closing price of $8.92 per share.
The underwriters have a 30-day option to purchase up to an additional 7,062,147 shares of common stock from KeyCorp to cover over-allotments. Morgan Stanley & Co. Incorporated and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering, with KeyBanc Capital Markets Inc. acting as joint lead manager for the offering.
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