PNC Financial Services offers fixed-to-floating notes due 2028

By Mary-Katherine Stinson

Lexington, Ky., Nov. 29 – PNC Financial Services Group, Inc. plans an offering of fixed-to-floating rate senior notes due December 2028, 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 maturity date.

The notes are callable at par on the date that is one year prior to maturity. In addition, the notes will be callable at par beginning 30 days before maturity including the maturity date.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets 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 advances to existing or future subsidiaries, debt repayment, repurchases, redemptions of issued and outstanding securities of PNC and its subsidiaries including PNC common and preferred stock.

PNC is a Pittsburgh-based financial services company.

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