Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 147

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 147
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s outstanding under the program and any prior bank note programs are classified as “long-term debt” on our Consolidated Balance Sheets. On January 26, 2023, KeyBank issued the following notes under the bank note program: $1.0 billion of Fixed Rate Senior Bank Notes due January 26, 2033, and $500 million of Fixed Rate Senior Bank Notes due January 26, 2026.There were no bank note issuances during the year ended December 31, 2024.As of December 31, 2024, $20.0 billion remained available for issuance under the Bank Note Program.

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KeyCorp shelf registration, including Medium-Term Note Program.  On June 9, 2023, KeyCorp updated its shelf registration statement on file with the SEC under rules that allow companies to register various types of debt and equity securities without limitations on the aggregate amounts available for issuance. KeyCorp also maintains a Medium-Term Note Program that permits KeyCorp to issue notes with original maturities of nine months or more. On February 28, 2024, KeyCorp issued notes under the MTN program consisting of $1.0 billion of Fixed-to-Floating Senior Notes due March 6, 2035. At December 31, 2024, KeyCorp had authorized and available for issuance up to $14 billion of additional debt securities under the Medium-Term Note Program. Issuances of capital securities or preferred stock by KeyCorp must be approved by the Board and cannot be objected to by the Federal Reserve.

21. Trust Preferred Securities Issued by Unconsolidated Subsidiaries We own the outstanding common stock of business trusts formed by us that issued corporation-obligated mandatorily redeemable trust preferred securities. The trusts used the proceeds from the issuance of their trust preferred securities and common stock to buy debentures issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the mandatorily redeemable trust preferred securities. The outstanding common stock of these business trusts is recorded in “Other Investments” on our Consolidated Balance Sheets. We unconditionally 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