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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| KeyCorp | NYSE:KEY | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.0893 | 0.60% | 14.9593 | 15.245 | 14.90 | 15.11 | 9,274,291 | 01:00:00 |
From May 2021 to May 2024
By Josh Beckerman
KeyCorp unit KeyBank sold its $3.2 billion indirect retail auto loan portfolio to a vehicle managed by a unit of Waterfall Asset Management LLC.
KeyBank will remain the servicer of the auto loans.
Concurrently with the sale, KeyBank bought $2.8 billion of senior notes from a securitization collateralized by the sold loans.
In October, KeyCorp said it planned to end origination of indirect auto loans.
KeyCorp said Friday that it entered an accelerated stock buyback agreement for up to $585 million, part of its previously disclosed repurchase program. KeyCorp will initially receive delivery of about 23.5 million shares on Sept. 14.
The accelerated buyback was aided by capital generated from the sale of the auto loan portfolio, KeyCorp said, and the company is "committed to returning capital to our shareholders."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 10, 2021 18:58 ET (22:58 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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