KeyCorp has commenced an offer to exchange common shares of KeyCorp for all trust preferred securities of KeyCorp Capital V and KeyCorp Capital VI, Enhanced Trust Preferred Securities of KeyCorp Capital VIII, KeyCorp Capital IX and KeyCorp Capital X.
This follows KeyCorp’s recent announcement that it had successfully closed its previously announced exchange offers and that it believes it has fulfilled the US Government’s requirement under – the so-called stress test – to generate $1.8 billion of tier 1 common equity capital.
Morgan Stanley is the sole arranger and lead manager for the Trust Preferred Exchange Offer, and Morgan Stanley, UBS Investment Bank, Citi and Wells Fargo Securities are acting as dealer managers. In addition, Morgan Stanley is KeyCorp’s capital advisor on all of its capital execution plans related to the SCAP.
