KEYCORP /NEW/
For the period ended Mar 31, 2025. Filed May 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
From time to time, KeyCorp or its principal subsidiary, KeyBank, may seek to retire, repurchase, or exchange outstanding debt of KeyCorp or KeyBank, and capital securities or preferred stock of KeyCorp, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors. The amounts involved may be material.
We did not complete any open market share repurchases in the first quarter of 2025. On March 13, 2025, our Board of Directors authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of KeyCorp common shares, in the open market or in privately negotiated transactions. We intend to begin repurchasing shares under this program in the second half of 2025. The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of KeyCorp and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements, and other factors.
As contemplated by the Investment Agreement, dated as of August 12, 2024, between KeyCorp and Scotiabank, in February 2025, we entered into an agreement with Scotiabank to permit Scotiabank to participate, through a periodic “true-up” right, in any repurchase by KeyCorp of its common stock on apro rata basis.
During the first quarter of 2025, Key repurchased $35 million of shares related to equity compensation programs.
The following table summarizes our repurchases of our Common Shares for the three months ended March 31, 2025. Refer to Note 18 (“Shareholders' Equity”) for more information regarding share repurchases made during the three months ended March 31, 2025.
| Calendar month | Total number of sharespurchased (a) | Average price paidper share | Total number of shares purchased as part of publicly announced plans or programs | Dollar value of shares that may yet be purchased as part of publiclyannounced plans or programs |
|---|---|---|---|---|
| January 1 - 31 | 11,581 | $17.69 | — | — |
| February 1 - 28 | 1,947,229 | 17.72 | — | — |
| March 1 - 31 | 178 | 15.63 | — | 1,000,000,000 |
| Total | 1,958,988 | $17.72 | — |
(a)Includes Common Shares deemed surrendered by employees in connection with our stock compensation and benefit plans to satisfy tax obligations. We did not complete any open market share repurchases in the first quarter of 2025.
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