Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 41

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 41
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 benchmark discontinuation provisions. Any such amendment made pursuant to the benchmark discontinuation provisions could have unexpected commercial consequences and there can be no assurance
that, due to the particular circumstances of each holder, any such amendment will be favorable to each holder.

S-19

In addition, due to the uncertainty concerning the availability of successor rates and
alternative reference rates and our involvement and/or the involvement of an Independent Financial Adviser in accordance with the benchmark discontinuation provisions, the relevant benchmark discontinuation provisions may not operate as intended at
the relevant time. As of the date of this prospectus supplement, it is probable (but not certain) that, in respect of EURIBOR, the benchmark discontinuation provisions would result in EURIBOR being replaced with a backward-looking €STR rate in
accordance with the “Recommendations of the euro risk-free rate working group on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates” of May 11, 2021. More generally,
however, any of the above matters or any other significant change to the setting or existence of EURIBOR could have a material adverse effect on the value or liquidity of, and the amount payable under, relevant notes. No assurance may be provided
that relevant changes will not be made to EURIBOR and/or that such benchmarks will continue to exist. Investors should consider these matters and make their own assessment about the potential risks imposed by benchmark reforms and investigations
when making their investment decision with respect to the notes.

If no successor or alternative reference rate is identified or selected
in accordance with the benchmark discontinuation provisions, then the rate of interest on EURIBOR notes will be determined by fallback provisions that are dependent in part upon the provision by major banks in the interbank markets of offered rates
for deposits in Euro and the availability of such rates information at the relevant time and may in certain circumstances result, to the extent that other fallback provisions are not applicable, in the effective application of a fixed rate based on
the rate which applied in the previous period when EURIBOR was available, in effect resulting in such notes becoming a fixed rate note.

Any of these alternative methods may result in interest payments that are lower than or that do not otherwise correlate over time with the
payments that would have been made on the notes if EURIBOR were available in its current form. Additionally, if EURIBOR or any other relevant benchmark rate is discontinued or no longer published, there can be no assurance that the applicable
fallback provisions under any related