By Andrea Heisinger
Omaha, Feb. 11 - PNC Preferred Funding Trust III priced $375 million of hybrid preferred securities at par on Monday, an informed source said.
The perpetual notes were sold via Rule 144A and have a dividend of 9.7%. They are non-callable for five years.
Goldman Sachs & Co. was the bookrunner.
The unit of PNC Financial Services is based in Pittsburgh.
| Issuer: | PNC Preferred Funding Trust III
|
| Issue: | Hybrid preferred securities
|
| Amount: | $375 million
|
| Maturity: | Perpetual
|
| Bookrunner: | Goldman Sachs & Co.
|
| Dividend: | 9.7%
|
| Price: | Par
|
| Call: | Non-callable for five years
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 19
|
| Distribution: | Rule 144A
|
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