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PNC Financial Services to price fixed-to-floaters due 2026, 2029
By William Gullotti
Buffalo, N.Y., June 7 – PNC Financial Services Group, Inc. plans to price two tranches of fixed-to-floating rate senior notes due in 2026 and 2029, according to a 424B5 filing 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 tranches will be callable in whole, but not in part, at par on the date that is one year prior to maturity, then in whole, or in part, at par beginning 30 days before maturity.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and PNC Capital Markets LLC are the joint bookrunning managers.
Bank of New York Mellon is the trustee.
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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