Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 27

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 27
---

(the “Federal Reserve Board”). We may not redeem subordinated notes without having received the prior approval of the Federal Reserve Board or other appropriate federal banking agency as required under capital rules applicable to us. We
cannot assure you that the Federal Reserve Board will approve any redemption of the subordinated notes that we may propose. We understand that the factors the Federal Reserve Board will consider in evaluating a proposed redemption include its
evaluation of the overall level and quality of our capital components, considered in light of our risk exposures, earnings and growth strategy, the capital plans and stress tests we submit to the Federal Reserve Board and our ability to meet and
exceed minimum regulatory capital ratios under baseline and stressed conditions, and other supervisory considerations, although the Federal Reserve Board may change these factors at any time.

S-11

Events for which acceleration rights under the subordinated notes may be exercised are more limited than those available under the terms of our outstanding subordinated debt securities issued prior to June 16, 2023.

All or
substantially all of our outstanding subordinated debt securities issued prior to June 16, 2023, provide acceleration rights for certain events relating to the bankruptcy, insolvency or reorganization of KeyCorp or the receivership of a Major
Bank, which refers to a bank subsidiary of KeyCorp whose assets constitute 75% or more of our consolidated assets. However, under the subordinated indenture (as defined under “Description of Notes—General”), for subordinated debt
securities issued on or after June 16, 2023, including the subordinated notes, unless otherwise specified for a particular series of subordinated debt securities, the only events providing acceleration rights will be certain bankruptcy,
insolvency, reorganization or similar proceedings with respect to KeyCorp only.

As a result of these differing provisions, if
receivership or similar events occur with respect to a Major Bank, the subordinated trustee and the holders of such existing subordinated debt securities would have acceleration rights that would not be available to the subordinated trustee or the
holders of the subordinated notes. Any repayment of the principal amount of such existing subordinated debt securities following the exercise of acceleration rights in circumstances in which such rights are not available to the holders of the
subordinated notes could adversely affect our ability to make timely payments on the subordinated notes thereafter. These limitations on the rights and remedies of holders of the subordinated notes could adversely affect the market value of the
subordinated notes, especially during times of financial stress for us