Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 15

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 15
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 form. |

| Paying Agent | The paying agent for the notes is Deutsche Bank Trust Company Americas. |

| Trustee | The trustee for the notes is Deutsche Bank Trust Company Americas. |

| Use of Proceeds | Except as may be described otherwise in a pricing supplement, we will use the net proceeds from the sale of the notes for general corporate purposes, including investments in and advances to our bank and nonbank subsidiaries, reduction of         
 outstanding borrowings or indebtedness, short and long-term investments and financing possible future acquisitions including, without limitation, the acquisition of banking and nonbanking companies and financial assets and liabilities. All or a   
 portion of the net proceeds from the sale of notes may also be used to finance, in whole or in part, our repurchase of common shares pursuant to any share repurchase program, and additional securities repurchases undertaken from time to time. The 
 precise amounts and timing of the application of proceeds will vary with liquidity and funding requirements.                                                                                                                                           |

| Risk Factors | See “Risk Factors” in this prospectus supplement and the other information in the applicable pricing supplement, this prospectus supplement, the accompanying prospectus and our reports incorporated by reference herein and therein for a 
 discussion of factors you should carefully consider before deciding to invest in the notes.                                                                                                                                                 |

The principal executive office and mailing address of KeyCorp is 127 Public Square, Cleveland, Ohio 44114-1306. Our telephone number is (216) 689-3000.

S-2

RISK FACTORS SUMMARY Your investment in the notes will involve certain risks. Set forth below is a summary of the risks associated with an investment in the notes that are discussed in more detail in this prospectus supplement under “Risk Factors” below. The notes are structurally subordinated to debt of our subsidiaries, and payments related to the notes will be dependent upon our subsidiaries.

| • |     | Holders of the notes could be at greater risk for being structurally subordinated if we sell or convey all or 
 substantially all of our assets to one or more of our majority-owned subsidiaries.                            |

| • |     | The indentures include only limited restrictive covenants and no financial covenants. |

| • |     | The notes are not deposits and are not insured or guaranteed by any governmental agency or any other person. |

| • |     | You may not be able to sell your notes if an active trading market for the notes does not develop. |

| • |     | There are potential conflicts