NEW YORK - A $200 million issue of Keycorp's Society National Bank subordinated notes, due June 1, 2005, was priced as 7 1/4% at 99.374 to yield 7.339%

The noncallable issue was priced at a spread of 72 basis points above Treasuries.

Rated A1 by Moody's Investors Service Inc. and A-minus by Standard & Poor's Ratings Group, the issue will be sold through underwriters led by CS First Boston Inc.

Gross spread is $6.50, selling concession $4, and reallowance $2.50.

Delivery is scheduled for May 25.

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