By Andrea Heisinger
Omaha, Feb. 6 - PNC Capital Trust E priced $450 million of 7.75% 60-year trust preferred securities Wednesday, an informed source said.
The 18 million shares priced at par of $25 and are non-callable for five years.
Bookrunners were Morgan Stanley & Co. Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.
Co-manager was UBS Investment Bank.
Proceeds will be used to purchase junior subordinated notes issued by parent company PNC Financial Services Group, Inc., and will then be used for general corporate purposes.
The banking company is based in Pittsburgh, Pa.
| Issuer: | PNC Capital Trust E
|
| Issue: | Trust preferred securities
|
| Amount: | $450 million (18 million shares)
|
| Maturity: | March 15, 2068
|
| Bookrunners: | Morgan Stanley & Co., Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Co-manager: | UBS Investment Bank
|
| Dividend: | 7.75%
|
| Price: | Par of $25
|
| Call: | Non-callable for five years
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 13
|
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