Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 148

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 148
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 as Tier 2 capital.The trust preferred securities, common stock, and related debentures are summarized as follows:Dollars in millionsTrust PreferredSecurities,Net of Discount (a)CommonStockPrincipalAmount ofDebentures,Net of Discount (a)(b)Interest Rateof Trust PreferredSecurities andDebentures (c)Maturityof Trust PreferredSecurities andDebenturesDecember 31, 2024KeyCorp Capital I$156 $6 $162 5.595 %2028KeyCorp Capital II85 4 89 6.875 2029KeyCorp Capital III110 4 114 7.750 2029HNC Statutory Trust III21 1 22 6.182 2035HNC Statutory Trust IV21 1 22 5.930 2037Willow Grove Statutory Trust I18 1 19 6.131 2036Westbank Capital Trust II8 — 8 6.806 2034Westbank Capital Trust III8 — 8 6.806 2034Total$427 $17 $444 6.519 %— December 31, 2023$431 $17 $448 6.981 %— (a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. The principal amount of certain debentures include debt issuance costs and basis adjustments related to fair value hedges totaling $14 million at December 31, 2024, and $15 million at December 31, 2023. See Note 8 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the