KeyCorp (KEY) Announces $750M Stock Offering To Cover Part of Stress Test Capital Buffer
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KeyCorp (NYSE: KEY) announced plans to sell up to $750 million aggregate principal amount of its common shares in a so-called "at the market" offering and has filed a prospectus supplement to its existing automatic shelf registration statement on file with the Securities and Exchange Commission in connection with the offering.
Today's announcement was the first leg of KeyCorp's action plan for increasing its Tier 1 common equity capital following the announcement on May 7, 2009, that KeyCorp needed to increase its Tier 1 common equity by $1.8 billion in order to satisfy the requirements of the federal government's Supervisory Capital Assessment Program -- or "stress test" -- under which the regulators are requiring the tested bank holding companies to hold additional capital buffers against a "more adverse than expected" macroeconomic scenario were it to become a reality. KeyCorp has named Morgan Stanley as its sales agent in connection with the offering.
Today's announcement was the first leg of KeyCorp's action plan for increasing its Tier 1 common equity capital following the announcement on May 7, 2009, that KeyCorp needed to increase its Tier 1 common equity by $1.8 billion in order to satisfy the requirements of the federal government's Supervisory Capital Assessment Program -- or "stress test" -- under which the regulators are requiring the tested bank holding companies to hold additional capital buffers against a "more adverse than expected" macroeconomic scenario were it to become a reality. KeyCorp has named Morgan Stanley as its sales agent in connection with the offering.
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