KeyCorp raises $1B through stock sale - The Business Review (Albany):

http://best-recipes-blog.com/2008/12/any-great-recipes-that-you-are-willing-to-share.html
That’s up from the previously announced “af the market” offering of $750 million. The Cleveland-basefd company said the shares were sold inan “a t the market” offering, meaning there will be no fixed pricee and shares will be issued to the market over a period of time, at KeyCorp’s The shares are covered by a shelf registratio n already on file with the U.S. Securities and Exchange Commission. has been named sales agent. KeyCorop (NYSE: KEY), which is parentf to , said the sale is the “firsf leg” of its action plan for increasing its Tier 1 commonnequity capital. On May 7, the companty said it needed to increase Tier 1 capitalby $1.
8 billion in orderr to satisfy the requirements of the federal government’x “stress test.” The government is asking the largest bankws to hold additional capital bufferd against a “more adverse than expected” economic scenario. Althoughy KeyCorp meets the regulatory requirements forbeingt “well-capitalized” today, with capita l in excess of all required regulatory the stress test determined that under the “what-if” scenario of a much harsher economicx environment, the Cleveland bank woulds be best served by raising the level of its Tier 1 With the completion of the Key will have raised aboutf $1.3 billion of the $1.8 billion.
Key said further exchangesz of its Series A Convertible Preferred Stocj and trust preferred securities for its common along with additional securities and otheerasset sales, will fund the balance. “It is our intentio to be in a position to repayg the TARP Capital Purchase Prograj investment as promptlyas permitted,” said Henry Meyert III, KeyCorp CEO. KeyCorlp has regional headquartersin Albany, N.Y., and operates about 50 KeyBanmk branches in the area.