By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – PNC Financial Services Group, Inc. sold $750 million of 11-year fixed-to-floating rate senior notes (A3/A-/A) at par with an initial 5.939% interest rate on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The fixed-rate period will end Aug. 18, 2033. For the final year of the notes, the interest rate will be based on SOFR plus 194.6 basis points.
The notes priced with a Treasuries plus 173 bps spread.
PNC Capital Markets LLC, Barclays and BofA Securities, Inc. are the joint bookrunners.
Proceeds will be used for general corporate purposes, including debt repayment, repurchases, redemptions and investments in or advances to existing or future subsidiaries.
PNC Financial Services is a Pittsburgh-based financial services holding company.
| Issuer: | PNC Financial Services Group, Inc.
|
| Amount: | $750 million
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| Issue: | Fixed-to-floating rate notes
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| Maturity: | Aug. 18, 2034
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| Bookrunners: | PNC Capital Markets LLC, Barclays and BofA Securities, Inc.
|
| Co-managers: | Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | In-house and McGuire Woods LLP
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| Counsel to underwriters: | Cravath, Swaine & Moore LLP
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| Coupon: | 5.939% initial rate; converts to SOFR plus 194.6 bps on Aug. 18, 2033
|
| Price: | Par
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| Yield: | 5.939%
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| Spread: | Treasuries plus 173 bps
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| Call features: | Aug. 18, 2033 and from 90 days prior to maturity at par
|
| Trade date: | Aug. 15
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| Settlement date: | Aug. 18
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Fitch: A
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| Distribution: | SEC registered
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| Cusip: | 693475BS3
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