By Aleesia Forni
Virginia Beach, Feb. 18 – PNC Bank NA priced $1.75 billion of senior bank notes (A2/A/A+) in tranches due 2018 and 2025, according to an informed source.
The bank sold a $1 billion tranche of 1.5% notes due 2018 with a spread of 52 basis points over Treasuries.
Pricing was at the tight end of talk.
There was also a $750 million tranche of 2.95% notes due 2025 priced at 93 bps over Treasuries.
The notes priced at the tight end of price talk.
The bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC.
Proceeds will be used for general corporate purposes.
PNC is a Pittsburgh-based bank and holding company.
| Issuer: | PNC Bank NA
|
| Issue: | Senior bank notes
|
| Amount: | $1.75 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC
|
| Trade date: | Feb. 18
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 23, 2018
|
| Coupon: | 1.5%
|
| Spread: | 52 bps
|
| Price talk: | 52 bps to 54 bps
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 23, 2025
|
| Coupon: | 2.95%
|
| Spread: | 93 bps
|
| Price talk: | 93 bps to 95 bps
|
© 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.
