Rochester, NY 8/6/2009 8:01:05 PM
Keycorp, KEY - Completes Liability Exchange Offer
KEYCORP
KEYCORP, KEY
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KeyCorp said Wednesday it completed an exchange offer, swapping $507 million in outstanding debt for new common shares. The regional bank launched the debt exchange, which was oversubscribed, as part of an effort to boost key capital ratios to meet a government-mandated reserve requirement.
In Early May, the government said, as part of a review of 19 large financial firms, that Key needed to raise an additional $1.8 billion to protect itself in case the economy worsened. With the debt exchange, Key has now improved its capital position by $2.38 billion. The Cleveland-based bank has also raised money in recent months through stock offerings and asset sales.
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