PNC Financial Services launching at least $250 million series Q noncumulative perpetual preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 14 - The PNC Financial Services Group Inc. is looking to sell at least $250 million series Q noncumulative perpetual preferreds, according to a prospectus filed with the Securities and Exchange Commission on Friday.

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

Price talk is between 5.375% and 5.5%, according to a trader.

When declared, dividends will be paid quarterly on the first day of March, June, September and December, beginning, Dec. 1.

The company can redeem the preferred shares, in whole or in part, on or after Dec. 1, 2017, or in whole within 90 days of a regulatory capital treatment event.

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

Joint bookrunners are Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC. Co-managers are Barclays and Sandler + O'Neill Partners LP.

Proceeds will be used for general corporate purposes, which may include advances to subsidiaries to finance activities, repaying debt and redemptions or repurchases of outstanding securities.

PNC is a Pittsburgh-based financial services firm.

© 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.