By Aleesia Forni
Virginia Beach, Oct. 22 - PNC Bank NA priced $1.25 billion of notes in two parts on Tuesday, according to a market source.
The company sold $750 million 1.15% notes due 2016 at Treasuries plus 58 basis points, or 99.87 to yield 1.194%.
There was also $500 million of 4.2% notes due 2025 priced with a spread of Treasuries plus 160 bps.
Pricing was at 99.971 to yield 4.203%.
Both tranches sold at the tight end of talk.
Proceeds will be used for general corporate purposes.
The joint bookrunners were PNC Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The subsidiary of PNC Financial Services Group is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Issue: | Notes
|
| Amount: | $1.25 billion
|
| Joint bookrunners: | PNC Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | Oct. 22
|
| Settlement date: | Nov. 1
|
|
|
| Notes due 2016
|
| Amount: | $750 million
|
| Maturity: | Nov. 1, 2016
|
| Coupon: | 1.15%
|
| Price: | 99.87
|
| Yield: | 1.194%
|
| Spread: | Treasuries plus 58 bps
|
| Price talk: | Treasuries plus 60 bps area
|
|
|
| Notes due 2025
|
| Amount: | $500 million
|
| Maturity: | Nov. 1, 2025
|
| Coupon: | 4.2%
|
| Price: | 99.971
|
| Yield: | 4.203%
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 165 bps area
|
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