By Aleesia Forni
Virginia Beach, April 23 - PNC Financial Services Group Inc. sold $750 million of subordinated notes (Baa1/BBB+/A) due 2024 with a spread of Treasuries plus 125 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.737 to yield 3.932%.
Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes, which may include advances to subsidiaries to finance their activities, repayment of outstanding debt, and repurchases and redemptions of issued and outstanding securities of PNC and its subsidiaries.
PNC is a Pittsburgh-based bank and holding company.
| Issuer: | PNC Financial Services Group Inc.
|
| Amount: | Senior notes
|
| Description: | Subordinated notes
|
| Maturity: | April 29, 2024
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC
|
| Coupon: | 3.9%
|
| Price: | 99.737
|
| Yield: | 3.932%
|
| Spread: | Treasuries plus 125 bps
|
| Trade date: | April 23
|
| Settlement date: | April 28
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
| Price talk: | Treasuries plus 130 bps area
|
| Distribution: | SEC-registered
|
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