PNC Financial to sell fixed-to-floating rate series P noncumulative perpetual preferreds

By Stephanie N. Rotondo

Portland, Ore., April 19 - The PNC Financial Services Group Inc. announced plans to issue fixed-to-floating rate series P noncumulative perpetual preferred stock in a prospectus filed with the Securities and Exchange Commission on Thursday.

Price talk is 6.25% to 6.375%, according to a trader. After May 1, 2022, the rate will be based on three-month Libor plus a spread. Pricing could come as soon as Thursday, the trader added.

The preferreds will be issued as depositary shares representing a 1/4,000th interest.

When declared, dividends will be payable on the 1st of February, May, August and November.

The company can redeem the preferreds on or after May 1, 2022 or within 90 days of a regulatory capital treatment event.

PNC will apply to list the shares on the New York Stock Exchange under the ticker symbol "PNCPP."

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes, including the repurchase and redemption of outstanding PNC and subsidiary securities, including trust preferreds.

PNC is based in Pittsburgh.

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