KeyCorp Announces Redemption of Series D Preferred Stock
KeyCorp has provided notice of its intention to redeem all 525,000 depositary shares representing interests in its Series D preferred stock. The redemption date is set for September 14, 2026.
KeyCorp (NYSE: KEY) announced on August 14, 2026, its intention to redeem all outstanding Series D Fixed-to-Floating Rate preferred stock. The company will redeem 525,000 depositary shares, each representing a 1/25th ownership interest in a share of its Series D preferred stock. The redemption price is set at $25,000 per depositary share, equivalent to $1,000 per share of Series D preferred stock, plus any accrued and unpaid dividends.
The redemption is scheduled to occur on September 14, 2026. This action is part of KeyCorp's ongoing capital management strategy. The Series D preferred stock was initially issued to strengthen the company's capital base during specific market conditions.
KeyCorp has been focused on optimizing its balance sheet and managing its cost of capital. The redemption of these preferred shares aligns with the company's efforts to adjust its capital structure in response to current economic and regulatory environments. This move is not expected to disrupt the company's core banking operations.
The company confirmed that the redemption will apply to all issued and outstanding Series D preferred stock. Holders of these depositary shares will receive detailed instructions regarding the redemption process and the mechanics of receiving their payment.