KEYCORP PROVIDES NOTICE OF REDEMPTION OF SERIES D PREFERRED STOCK - PR Newswire
π KeyCorp announced the redemption of all 525,000 depositary shares of its Series D Preferred Stock scheduled for September 15, 2026.
π° The company will pay a redemption price of $25,312.50 per share, covering the $25,000 liquidation preference plus accrued dividends.
π¦ KeyCorp holds approximately $191 billion in assets and operates a network of roughly 950 branches and 1,100 ATMs across 15 states.
π Computershare has been appointed as the transfer agent to facilitate the book-entry redemption through DTC procedures.
ποΈ The Series D Preferred Stock represents 21,000 underlying shares with a total aggregate liquidation preference of $525 million.
Bullish Signals
- KeyCorp is executing a capital management action to retire its perpetual preferred stock, removing fixed-rate obligations and simplifying its capital structure ahead of the September 15, 2026 redemption date.
- The bank maintains a substantial asset base of approximately $191 billion as of June 30, 2026, demonstrating continued scale in its deposit, lending, and investment banking operations across 15 states.
Risk Factors
- KeyCorp must expend significant cash reserves to redeem the Series D Preferred Stock at $25,312.50 per share, which includes accumulated unpaid dividends that will reduce available liquidity upon the September 15, 2026 settlement.
Full Analysis
KeyCorp (NYSE: KEY) announced on August 14, 2026, that it has provided notice of its intention to redeem all outstanding Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock. The company plans to retire the entire issuance of 525,000 depositary shares, which represent 21,000 shares of preferred stock with an aggregate liquidation preference of $525 million, on September 15, 2026.
The redemption will be executed for cash at a price of $25,312.50 per share, calculated as the $25,000 liquidation preference plus accumulated and unpaid dividends through the redemption date. Computershare has been designated as the transfer agent and redemption agent to handle the book-entry redemption procedures through the Depository Trust Company.
Upon completion of this transaction, the Series D Preferred Stock will cease to be outstanding, terminating all associated rights except for the final payment of the redemption price. KeyCorp remains headquartered in Cleveland, Ohio, with assets of approximately $191 billion as of June 30, 2026, continuing to provide deposit, lending, and investment services across 15 states.