PNC Financial Services offers $1,000-par fixed-to-floating rate noncumulative preferred stock

By Stephanie N. Rotondo

Seattle, Oct. 27 – PNC Financial Services Group Inc. is selling $1,000-par series S fixed-to-floating rate noncumulative perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

The preferreds will be issued as depositary shares representing a 1/100th interest.

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

While fixed, dividends will be paid semiannually. Once floating – at Libor plus a spread – the dividend will be paid on a quarterly basis.

The preferreds are redeemable upon a certain date or within 90 days of a regulatory capital treatment event at par plus accrued dividends.

The new securities will not be listed.

The Pittsburgh-based financial services company will use the proceeds for general corporate purposes, which may include advances to subsidiaries, the repayment of debt and repurchases and/or redemptions of outstanding securities.

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