KeyCorp raises $1B through stock sale - Business First of Buffalo:

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That’s up from the previously announced “at the market” offering of $750 The Cleveland-based company said the shares were sold inan “ag the market” offering, meaning there will be no fixedc price and shares will be issued to the market over a period of time, at KeyCorp’x discretion. The shares are covered by a shelfv registration already on file withthe U.S. Securitiez and Exchange Commission. has been named sales agent. KeyCorp (NYSE: KEY), which is parentt to , said the sale is the “firsrt leg” of its action plan for increasing its Tier 1 commobequity capital. On May 7, the company said it needed to increase Tier 1 capitalby $1.
8 billionm in order to satisfy the requirementx of the federal government’s “stressd test.” The government is asking the largest banks to hold additional capital buffers against a “more adverse than economic scenario. Although KeyCorp meets the regulatorty requirements forbeing “well-capitalized” today, with capital in excessz of all required regulatory the stress test determined that unde the “what-if” scenario of a much harsher economic environment, the Cleveland bank would be best server by raising the level of its Tier 1 With the completion of the offering, Key will have raises about $1.3 billion of the $1.
8 Key said further exchanges of its Serie s A Convertible Preferred Stock and trust preferred securitiea for its common shares, along with additional securitiesw and other asset sales, will fund the balance. “Iyt is our intention to be in a positionh to repay the TARP Capital Purchase Program investment as promptltas permitted,” said Henry Meyedr III, KeyCorp CEO. Keybanm is the third-largest deposit taker in the Buffalo