Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 129

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 129
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 de minimisoriginal issue discount in income as stated principal payments are made, in proportion to the amount of principal paid, unless the U.S. holder makes the election described below under “—Election to Treat All Interest as Original Issue Discount”. If a U.S. holder sells a note before the U.S. holder has included in income all of the de minimisoriginal issue discount thereon, any amount of gain that the U.S. holder recognizes on the sale and that is attributable to de minimisoriginal issue discount will be treated as capital gain. Variable Rate Debt Instrument Floating rate notes may be subject to rules that differ from these general rules described above. Prospective investors should consult their own tax advisors with respect to the tax consequences of any prospective purchase of floating rate notes. In general, a note will be treated as a “variable rate debt instrument” for purposes of the Treasury Regulations only if the note is issued for an amount that does not exceed the total noncontingent principal payments by more than an amount equal to the lesser of (1) 0.015 multiplied by the product of the total noncontingent principal payments and the number of complete years to maturity from the issue date or (2) 15% of the total noncontingent principal payments. In addition, to be a variable rate debt instrument, the note must bear stated interest (compounded or paid at least annually) at:

| • |     | one or more qualified floating rates, |

| • |     | a single fixed rate and one or more qualified floating rates, |

| • |     | a single objective rate, or |

| • |     | a single fixed rate and a single objective rate that is a “qualified inverse floating rate.” |

Generally, a rate is a qualified floating rate if variations in the value of the rate can reasonably be expected to measure contemporaneous variations in the cost of newly borrowed funds in the currency in which the debt security is denominated, and the value of the rate on any date during the term of the debt security is set no earlier than three months prior to the first day on which that value is in effect and no later than one year following that first day. A multiple of a qualified floating rate is generally not a qualified floating rate unless it is either (a) the product of a qualified floating rate and a fixed multiple greater than 0.65 but not more than 1.35, or (b) the product of a qualified floating rate and a fixed multiple greater than 0.