By Cristal Cody
Tupelo, Miss., May 16 – PNC Bank, NA sold $1.5 billion of senior bank notes (A2/A/A+) in two tranches in a private placement offering on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bank sold $500 million of three-year floating-rate notes at Libor plus 36 basis points.
PNC Bank priced $1 billion of 2% notes due May 19, 2020 at a spread of Treasuries plus 55 bps.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC were the bookrunners.
The deal was priced under PNC Bank’s $40 billion global bank note program.
PNC Bank is a subsidiary of PNC Financial Services Group, Inc., a Pittsburgh-based financial services holding company.
| Issuer: | PNC Bank, NA
|
| Amount: | $1.5 billion
|
| Description: | Senior bank notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC
|
| Trade date: | May 16
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | Private placement
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | May 19, 2020
|
| Coupon: | Libor plus 36 bps
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 19, 2020
|
| Coupon: | 2%
|
| Spread: | Treasuries plus 55 bps
|
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