By Cristal Cody
Tupelo, Miss., April 16 – PNC Financial Services Group, Inc. sold $1.5 billion of 3.45% 10-year senior notes (A3/A-/A+) on Tuesday at a spread of 88 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.84 to yield 3.469%.
Price guidance was in the Treasuries plus 90 bps area, in from initial talk in the Treasuries plus 95 bps to 100 bps area.
J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc. and PNC Capital Markets LLC were the bookrunners.
Proceeds 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: | $1.5 billion
|
| Description: | Senior notes
|
| Maturity: | April 23, 2029
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc. and PNC Capital Markets LLC
|
| Coupon: | 3.45%
|
| Price: | 99.84
|
| Yield: | 3.469%
|
| Spread: | Treasuries plus 88 bps
|
| Call feature: | Non-callable until 90 days prior to maturity at par
|
| Trade date: | April 16
|
| Settlement date: | April 22
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 90 bps area; initial talk at Treasuries plus 95 bps to 100 bps area
|
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