CLEVELAND, Aug. 3 /PRNewswire-FirstCall/ -- KeyCorp (NYSE: KEY) today announced that it has determined the final exchange ratios in connection with its previously announced offer to exchange (the "Trust Preferred Exchange Offer") KeyCorp common shares for outstanding trust preferred securities ("Trust Preferred Securities") of KeyCorp Capital V, KeyCorp Capital VI, KeyCorp Capital VIII, KeyCorp Capital IX and KeyCorp Capital X (the "Capital Trusts").
In accordance with the terms of the Trust Preferred Exchange Offer, as set forth in KeyCorp's Prospectus dated July 7, 2009, and related letter of transmittal, as amended, KeyCorp has determined the final exchange ratios (both for the Early Tender Period and the Final Tender Period) for each series of Trust Preferred Securities and listed the final exchange ratios in the table below.
The tender period for the Trust Preferred Exchange Offer is comprised of two parts, an early tender period that expired at 11:59 p.m., New York City time, on July 21, 2009 (the "Early Tender Period"), and a final tender period that began immediately following the Early Tender Period and expires on the expiration date of the Trust Preferred Exchange Offer (the "Final Tender Period"). The total number of KeyCorp common shares issuable for each $25 liquidation preference of Trust Preferred Securities tendered during the Early Tender Period (and not subsequently withdrawn) and finally accepted by KeyCorp is equal to the sum of (i) (A) the applicable exchange value for each Capital Trust and (B) the early tender premium value, each divided by $5.4193, which is the arithmetic average of the per share volume weighted average price of KeyCorp common shares for each trading day in the five consecutive trading day period ended July 31, 2009. The total number of KeyCorp common shares issuable for each $25 liquidation preference of Trust Preferred Securities tendered (and not subsequently withdrawn) and finally accepted by KeyCorp during the Final Tender Period is equal to the applicable exchange value for each Capital Trust divided by $5.4193.
