By Aleesia Forni
Virginia Beach, Oct. 27 – PNC Bank NA priced an upsized $1.25 billion of senior bank notes (A2/A/A+) on Monday in two parts, according to a market source.
The sale included a $750 million tap of the bank’s existing 2.4% notes due Oct. 18, 2019 priced at Treasuries plus 105 basis points.
Pricing was at 100.772 to yield 2.232%.
The original $500 million of notes sold at Treasuries plus 62.5 bps on Sept. 15.
There was also a $500 million offering of 3.3% 10-year notes priced at 99.958 to yield 3.305%, or Treasuries plus 105 bps.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC were the joint bookrunners.
PNC is a Pittsburgh-based bank and holding company.
| Issuer: | PNC Bank NA
|
| Issue: | Senior bank notes
|
| Amount: | $1.25 billion, upsized from $750 million
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC
|
| Trade date: | Oct. 27
|
| Settlement date: | Oct. 30
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Notes due 2019
|
| Amount: | $750 million
|
| Maturity: | Oct. 18, 2019
|
| Coupon: | 2.4%
|
| Price: | 100.772
|
| Yield: | 2.232%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 80 bps area, tightened from Treasuries plus 85 bps area
|
|
|
| Notes due 2024
|
| Amount: | $500 million
|
| Maturity: | Oct. 30, 2024
|
| Coupon: | 3.3%
|
| Price: | 99.958
|
| Yield: | 3.305%
|
| Spread: | Treasuries plus 105 bps
|
| Price talk: | Treasuries plus 110 bps area, tightened from Treasuries plus 115 bps area
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
