By Cristal Cody
Tupelo, Miss., May 16 – PNC Financial Services Group, Inc. priced $750 million of 3.15% 10-year senior notes on Tuesday at 99.796 to yield 3.174%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 85 basis points over Treasuries, on the tight side of guidance.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds from PNC Financial Services’ offering will be used for general corporate purposes.
PNC Financial Services is a Pittsburgh-based financial services holding company.
| Issuer: | PNC Financial Services Group, Inc.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | May 19, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and PNC Capital Markets LLC
|
| Coupon: | 3.15%
|
| Price: | 99.796
|
| Yield: | 3.174%
|
| Spread: | Treasuries plus 85 bps
|
| Call feature: | On or after the 30th day before maturity at par
|
| Trade date: | May 16
|
| Settlement date: | May 19
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 90 bps area, plus or minus 5 bps
|
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