PNC to sell 11-year fixed-to-floating rate subordinated notes

Chicago, June 1 – PNC Financial Services Group Inc. has an offering of 11-year fixed-to-floating rate subordinated notes on deck, according to a 424B5 filing with the Securities and Exchange Commission on Wednesday morning.

The fixed-rate period will cover 10 years with the final year carrying a floating rate with SOFR as the basis.

The notes will have a par call when the rate first resets and then are freely callable in the 90 days before the notes mature.

PNC Capital Markets LLC, Barclays, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Bank of New York Mellon is the trustee.

PNC is using in-house counsel. Counsel to the underwriters is Cravath, Swaine & Moore LLP.

Proceeds will be used for general corporate purposes, which may include: investments in or advances to existing or future subsidiaries, repayment of outstanding debt, and repurchases and redemptions of issued and outstanding securities of PNC and its subsidiaries, including PNC common stock and other series of PNC preferred stock.

PNC is a Pittsburgh-based financial services company.

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