Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 63

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 63
---
.” Normally this amount is less than the amount payable at the maturity date. Persons considering the purchase of discount notes should read the discussion set forth below under the heading “Certain United States Federal Income Tax Considerations—U.S. Holders—Original Issue Discount.” Amortizing Notes We may issue amortizing senior notes, which are fixed rate notes for which combined principal and interest payments are made in installments over the life of each note. Unless otherwise specified in the applicable pricing supplement, payments will be made semiannually on each June 15 and December 15 and the regular record date will be June 1 and December 1, respectively. We apply payments on amortizing notes first to interest due and then to reduce the unpaid principal amount. We will include a table setting forth repayment information in the related pricing supplement for an amortizing note. Floating Rate Notes Each floating rate note will have an interest rate basis or formula. We may base that formula on:

| • |     | CORRA; |

| • |     | the CMT Rate; |

| • |     | the Commercial Paper Rate; |

| • |     | EURIBOR; |

| • |     | the Federal Funds Rate; |

| • |     | the Prime Rate; |

| • |     | SOFR or SOFR Index; |

| • |     | the Treasury Rate; or |

S-35

| • |     | another negotiated interest rate basis or formula or a modified version of any of the above rates or new rate not 
 referenced above, in each case, as described in the applicable pricing supplement.                                |

In the applicable pricing supplement, we also will indicate any spread and/or spread multiplier that would be applied to the interest rate formula to determine the interest rate. Any floating rate note may have a maximum or minimum interest rate limitation, which will be specified in the applicable pricing supplement. In addition to any maximum interest rate limitation, the interest rate on the floating rate notes will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. The calculation agent will calculate interest rates on, and make other determinations with respect to, the floating rate notes. KeyBank, our affiliate, will serve as the calculation agent for any floating rate notes, unless otherwise provided in the applicable pricing supplement. The calculation agent is entitled to exercise substantial discretion and in certain circumstances, the calculation agent is entitled to act exclusively as directed by us or our designee (who may