By Andrea Heisinger
New York, Dec. 17 - PNC Funding Corp. on Wednesday priced $2.9 billion of fixed- and floating-rate senior notes backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program, an informed source said.
The notes (Aaa/AAA/AAA) were in three tranches that are non-callable and guaranteed until maturity.
The issue included $2 billion of 2.3% fixed-rate notes due 2012 priced to yield Treasuries plus 133.2 basis points.
The second tranche was $500 million of 1.875% notes due 2011 priced to yield Treasuries plus 119.6 bps.
The final tranche was $400 million of floating-rate notes due 2011 that priced at par to yield three-month Libor plus 28 bps. Interest for the tranche is payable quarterly.
Citigroup Global Markets Inc., PNC Capital Markets and J.P. Morgan Securities Inc. are the bookrunners.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Pittsburgh.
| Issuer: | PNC Funding Corp.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed senior notes
|
| Total amount: | $2.9 billion
|
| Bookrunners: | Citigroup Global Markets Inc., PNC Capital Markets, J.P. Morgan Securities Inc.
|
| Trade date: | Dec. 17
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Notes due 2012
|
| Amount: | $2 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | 2012
|
| Coupon: | 2.3%
|
| Spread: | Treasuries plus 133.2 bps
|
| Call: | Non-callable
|
|
|
| Notes due 2011
|
| Amount: | $500 million
|
| Issue: | Fixed-rate notes
|
| Maturity: | 2011
|
| Coupon: | 1.875%
|
| Spread: | Treasuries plus 119.6 bps
|
| Call: | Non-callable
|
|
|
| Floaters due 2011
|
| Amount: | $400 million
|
| Issue: | Floating-rate notes
|
| Maturity: | 2011
|
| Coupon: | Three-month Libor plus 28 bps, payable quarterly
|
| Price: | Par
|
| Yield: | Three-month Libor plus 28 bps
|
| Call: | Non-callable
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
