Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 247

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 247
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conditionally guarantee the following payments or distributions on behalf of the trusts: •required distributions on the trust preferred securities;•the redemption price when a capital security is redeemed; and•the amounts due if a trust is liquidated or terminated.The Regulatory Capital Rules require us to treat our mandatorily redeemable trust preferred securities as Tier 2 capital.The trust preferred securities, common stock, and related debentures are summarized as follows:Dollars in millionsTrust Preferred Securities, Net of Discount (a)Common StockPrincipal Amount of Debentures, Net of Discount (b)Interest Rate of Trust Preferred Securities and Debentures (c)Maturity of Trust Preferred Securities and DebenturesMarch 31, 2025KeyCorp Capital I$156 $6 $162 5.312 %2028KeyCorp Capital II86 4 90 6.875 2029KeyCorp Capital III111 4 115 7.750 2029HNC Statutory Trust III21 1 22 5.990 2035HNC Statutory Trust IV18 1 19 5.829 2037Willow Grove Statutory Trust I21 1 22 5.871 2036Westbank Capital Trust II8 — 8 6.756 2034Westbank Capital Trust III8 — 8 6.756 2034Total$429 $17 $446 6.392 %— December 31, 2024$427 $17 $444 6.519 %— (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 $16 million and $14 million at March 31, 2025, and December 31, 2024, respectively. See Note 7 (“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