By Cristal Cody
Tupelo, Miss., Jan. 17 – PNC Financial Services Group, Inc. sold $750 million of 3.5% five-year senior notes at 99.773 to yield 3.55%, or a spread of 100 basis points over Treasuries, on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (A3/A-/A+) were initially talked to price with a spread in the Treasuries plus 115 bps to 120 bps area.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds from the offering will be used for general corporate purposes, including debt repayment.
PNC Financial Services is a Pittsburgh-based financial services holding company.
| Issuer: | PNC Financial Services Group, Inc.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 23, 2024
|
| Bookrunners: | Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and PNC Capital Markets LLC
|
| Coupon: | 3.5%
|
| Price: | 99.773
|
| Yield: | 3.55%
|
| Spread: | Treasuries plus 100 bps
|
| Call feature: | On or after the 30th day before maturity at par
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 115 bps-120 bps area
|
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