Cleveland-based KeyCorp has raised $625 million by selling shares, as part of a plan to repay a U.S. bailout. Morgan Stanley and JP Morgan Securities are serving as joint book-running managers for the offering, with KeyBanc Capital Markets acting as joint lead manager. Ohio’s second-largest bank intends to use the proceeds, together with other available funds, to buy back the Series B fixed rate cumulative perpetual preferred stock it issued to the U.S. Treasury under the TARP Capital Purchase Program.
Click here for the release from PR Newswire.