KeyCorp (KEY) Discloses $1.1-$1.2B Charge; To Raise $1.5B, and Reduce Dividend
More News related to KEY
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- First Capital Closes $40 Million Financing Facility with Key Equipment Finance
- KeyCorp (KEY) Reports Q3 Loss of $0.50
KeyCorp (NYSE: KEY) said it will record an after-tax accounting charge to earnings and capital in the second quarter of approximately $1.1 billion to $1.2 billion for the AWG Leasing Litigation and certain of KeyCorp’s other leveraged lease transactions
KeyCorp also announced that it is in the process of raising approximately $1.5 billion of additional equity capital in concurrent offerings of common shares and non-cumulative perpetual convertible preferred stock, Series A, with a liquidation preference of $100 per share.
Finally, the Board has expressed its current intention to reduce the dividend on KeyCorp's common shares by 50%, commencing with the third quarter 2008 dividend, to an annualized dividend of $0.75 per common share. This action is intended to preserve approximately $200 million of capital annually.
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