10:20 AM EDT, 10/20/2025 (MT Newswires) -- Keyera ( KEYUF ) said Monday that it commenced a solicitation of written consents for proposed amendments of its outstanding hybrid notes.

The consent solicitation covers Keyera's ( KEYUF ) $600 million in 6.875% fixed-to-floating rate subordinated notes, series 2019, due June 13, 2079; and $350 million in 5.950% fixed-to-fixed rate subordinated notes, series 2021, due March 10, 2081.

The proposed amendments would permit the exchange of all outstanding principal amount of the notes for an equal principal amount of new notes that will have the same terms, except that the new notes will not include provisions requiring the automatic conversion into preferred shares upon certain bankruptcy and related events.

The change will align the terms of the 2019 notes and the 2021 notes with the company's most recently issued hybrid notes, ensuring all outstanding hybrid notes are treated consistently, Keyera ( KEYUF ) said.

Keyera ( KEYUF ) said the approval of the proposed amendments requires the written consent of holders of not less than 66 2/3% of the aggregate outstanding principal amount of each series of notes.

The deadline for submission of consents is 5:00 p.m. (Toronto time) on Oct. 31.

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