KeyCorp, a Cleveland-based financial services company and mortgage lender, has priced offerings of $1 billion of common shares and $650 million of noncumulative perpetual convertible preferred stock. The approximately 85.1 million common shares were priced at $11.75 per share, while the 6.5 million shares of series A preferred stock were issued with a liquidation preference of $100 per share. Each share of the preferred stock will be convertible at any time, at the option of the holder, into 7.0922 shares of KeyCorp common stock at a conversion price of $14.10 per share, the company said. Citi is serving as the sole book-running manager of the offerings. KeyCorp can be found online at http://www.key.com.
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