PNC Financial Services to price fixed-to-floaters due 2027, 2034

By Mary-Katherine Stinson

Lexington, Ky., Oct. 17 – PNC Financial Services Group, Inc. plans to price two tranches of fixed-to-floating rate senior notes due in October 2027 and October 2034, 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 dates.

The 2027 notes 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. The 2034 notes 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 90 days before maturity.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.