By Andrea Heisinger
Omaha, May 14 - The PNC Financial Services Group, Inc. priced $500 million in fixed-to-floating rate non-cumulative preferred stock Wednesday, an informed source said.
The perpetual preferreds (A3/A-/A) priced at par of $1,000 and are non-callable for five years.
The preferreds have a fixed rate of 8.25% until 2013 and then a floating rate of three-month Libor plus 422 basis points.
Bookrunners are J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc. Co-manager is PNC Capital Markets LLC.
Proceeds will be used for general corporate purposes.
The holding company is based in Pittsburgh.
| Issuer: | The PNC Financial Services Group, Inc.
|
| Issue: | Hybrid non-cumulative preferred stock
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Co-manager: | PNC Capital Markets LLC
|
| Coupon: | 8.25% until 2013, then three-month Libor plus 422 bps
|
| Price: | Par of $1,000
|
| Call: | Non-callable for five years
|
| Trade date: | May 14
|
| Settlement date: | May 21
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
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