PNC Financial to offer fixed-to-floating notes due 2032; talk Treasuries plus 95 bps area

By Cristal Cody

Chicago, April 20 – PNC Financial Services Group, Inc. announced an offering of senior fixed-to-floating rate notes due April 23, 2032, according to a 424B5 filing with the Securities and Exchange Commission.

The fixed-rate period will end in April 2031. Talk has the notes coming in the Treasuries plus 95 basis points area, according to a market source.

For the final year of the notes, the interest rate will be based on SOFR plus a margin.

Interest will be payable semiannually in the fixed-rate period and quarterly in the final year.

The notes will be redeemable on the date one year before maturity and again 90 days before maturity.

Citigroup Global Markets Inc., BofA Securities, Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC are the underwriters listed on the transaction.

Proceeds will be used for general corporate purposes, which may include advances to subsidiaries to finance activities, repayment of outstanding debt and repurchases of common stock.

PNC Financial Services is a Pittsburgh-based financial services holding company.

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