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PNC Financial Services offers fixed-to-floating notes due 2025, 2033
By Mary-Katherine Stinson
Lexington, Ky., Oct. 25 – PNC Financial Services Group, Inc. plans an offering of fixed-to-floating rate senior notes due in 2025 and 2033, according to a 424B5 filed with the Securities and Exchange Commission.
The notes will bear interest at a fixed rate initially, then at SOFR plus a margin for the last year before the respective maturity date.
Both series of notes are callable at par on the date that is one year prior to maturity. In addition, the 2025 notes will be callable at par beginning 30 days before maturity, while the 2033 notes will be callable at par beginning 90 days before maturity.
PNC Capital Markets LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.
PNC will use in-house counsel and McGuire Woods LLP. Cravath, Swaine & Moore LLP will act as counsel for the underwriters.
Proceeds will be used for general corporate purposes, including debt repayment, repurchases, redemptions and investments in or advances to existing or future subsidiaries.
PNC is a Pittsburgh-based financial services company.
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