By Cristal Cody
Eureka Springs, Ark., April 26 – PNC Bank NA sold $1.85 billion of bank notes (A2/A/A+) in two tranches, including a reopening, on Tuesday, according to a market source.
The company priced $1.25 billion of 2.15% five-year notes at a spread of Treasuries plus 77 basis points, on the tight side of guidance of 80 bps, plus or minus 3 bps.
PNC Bank tapped its 3.25% notes due June 1, 2025 in a $600 million tranche that priced at Treasuries plus 97 bps. The notes were guided at Treasuries plus 100 bps, plus or minus 3 bps.
The company originally sold $400 million of the notes on May 27, 2015 at Treasuries plus 115 bps. The total outstanding is $1 billion.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and Morgan Stanley & Co. LLC were the lead managers.
PNC Bank is based in Pittsburgh.
| Issuer: | PNC Bank NA
|
| Amount: | $1.85 billion
|
| Securities: | Bank notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Morgan Stanley & Co. LLC
|
| Pricing date: | April 26
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Notes due 2021
|
| Amount: | $1.25 billion
|
| Maturity: | April 29, 2021
|
| Coupon: | 2.15%
|
| Spread: | Treasuries plus 77 bps
|
| Price guidance: | Treasuries plus 80 bps, plus or minus 3 bps
|
|
|
| Notes due 2025
|
| Amount: | $600 million reopening
|
| Maturity: | June 1, 2025
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 97 bps
|
| Price guidance: | Treasuries plus 100 bps, plus or minus 3 bps
|
| Total outstanding: | $1 billion, including $400 million priced May 27, 2015 at 115 bps over Treasuries
|
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