key...not sure what this means

Discussion in 'Stocks' started by ebayuser, May 27, 2009.

  1. I was wondering if someone out there can help me. I am not sure what this means,
    "KeyCorp (KEY.N), a Cleveland-based lender found to have a $1.8 billion shortfall, on Wednesday announced plans to exchange common shares for up to $1.74 billion of trust preferred securities. It previously said it would sell $750 million of common stock in an at-the-market offering."

    any insight would be great.
  2. no answer?
  3. Go read KEY's SEC S-4 filing dated 2009-05-27. It has all the details.