Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 24

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 24
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 following the exercise of acceleration rights in circumstances in which such rights are not available to the holders of the senior notes could adversely affect our ability to make timely payments on the senior notes thereafter. These limitations on the rights and remedies of holders of the senior notes could adversely affect the market value of the senior notes, especially during times of financial stress for us or our industry. S-9

Holders of KeyCorp’s debt, including the notes, and equity securities will absorb losses if it were to enter into a resolution. Federal Reserve Board rules require that certain globally systemically important banks (“GSIBs”) maintain minimum levels of unsecured external long-term debt and other loss-absorbing capacity with specific terms (“eligible LTD”) for purposes of recapitalizing such GSIBs’ operating subsidiaries if such GSIBs were to enter into a resolution either:

| • |     | in a bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, or |

| • |     | in a receivership administered by the FDIC under Title II of the Dodd-Frank Act. |

While we are not currently subject to such requirements, it is possible that Federal Reserve Board will apply these requirements in the future to a larger subset of bank holdings companies, such as KeyCorp. The notes being offered hereby are intended to qualify as eligible LTD for purposes of the Federal Reserve Board’s total loss-absorbing capacity rules as currently in effect. If we were to enter into a resolution, holders of eligible LTD and other debt and equity securities of KeyCorp will absorb our losses and the losses of our subsidiaries. As a result, our losses and any losses incurred by our subsidiaries would be imposed first on holders of our equity securities and thereafter on our unsecured creditors, including holders of eligible LTD and other debt securities, such as the notes. Claims of holders of those securities would have a junior position to the claims of creditors of our subsidiaries and to the claims of priority (as determined by statute) and secured creditors of KeyCorp. Accordingly, in a resolution of KeyCorp in bankruptcy, holders of eligible LTD and other debt securities of KeyCorp, including the notes, would realize value only to the extent available to us as a shareholder of KeyBank and our other subsidiaries, and only after any claims of priority and secured creditors of KeyCorp have been fully repaid. If we were to approach, or enter into, a resolution, none of KeyCorp, the Federal Reserve Board or the FDIC is obligated to follow our resolution strategy, and losses to holders