By Andrea Heisinger
New York, May 13 - PNC Funding Corp. priced $500 million 3% four-year senior unsecured notes on Thursday to yield Treasuries plus 112.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/A/A+) priced at 99.821 to yield 3.048%. They are non-callable.
The deal is guaranteed by PNC Financial Services Group Inc.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc. were the bookrunners, with PNC Capital Markets LLC, Bank of America Merrill Lynch and Barclays Capital Inc. as the co-managers.
Proceeds are being used for general corporate purposes.
The diversified financial company is based in Pittsburgh.
| Issuer: | PNC Funding Corp.
|
| Issue: | Senior unsecured notes
|
| Guarantor: | PNC Financial Services Group, Inc.
|
| Amount: | $500 million
|
| Maturity: | May 19, 2014
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | PNC Capital Markets LLC, Bank of America Merrill Lynch, Barclays Capital Inc.
|
| Coupon: | 3%
|
| Price: | 99.821
|
| Yield: | 3.048%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call: | Non-callable
|
| Trade date: | May 13
|
| Settlement date: | May 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
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