By Cristal Cody
Tupelo, Miss., Feb. 12 – PNC Financial Services Group, Inc. priced an upsized $300 million add-on to its 3.5% senior notes due Jan. 23, 2024 on Tuesday at a spread of 85 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue (A3/A-/A+) priced at 100.712 to yield 3.34%.
The deal was upsized from $250 million.
PNC Financial Services originally sold $750 million of the notes on Jan. 17 at 99.773 to yield 3.55%, or Treasuries plus 100 bps.
Citigroup Global Markets Inc. and PNC Capital Markets LLC were the bookrunners of the reopening.
Proceeds 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: | $300 million reopening
|
| Proceeds: | $302,136,000
|
| Description: | Senior notes
|
| Maturity: | Jan. 23, 2024
|
| Bookrunners: | Citigroup Global Markets Inc. and PNC Capital Markets LLC
|
| Coupon: | 3.5%
|
| Price: | 100.712, plus accrued interest
|
| Yield: | 3.34%
|
| Spread: | Treasuries plus 85 bps
|
| Call feature: | On or after the 30th day before maturity at par
|
| Trade date: | Feb. 12
|
| Settlement date: | Feb. 15
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Total outstanding: | $1.05 billion, including $750 million of notes priced Jan. 17 at 99.773 to yield 3.55%, or Treasuries plus 100 bps
|
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