By Andrea Heisinger
New York, Dec. 18 - PNC Funding Corp. released terms Thursday for its $2.9 billion of fixed- and floating-rate notes backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program, according to an FWP filing with the Securities and Exchange Commission.
The notes (Aaa/AAA/AAA) were in three tranches that are non-callable and guaranteed until maturity.
The $2 billion of 2.3% notes due June 22, 2012 priced at 99.883 to yield 2.335%, or Treasuries plus 133.2 basis points.
The second tranche was $500 million of 1.875% notes due June 22, 2011 priced at 99.82 to yield 1.949%, or 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. The notes pay interest quarterly.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are bookrunners. Co-manager was PNC Capital Markets.
The bank holding company is based in Pittsburgh.
| Issuer: | PNC Funding Corp.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Amount: | $2.9 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Co-manager: | PNC Capital Markets
|
| Trade date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Notes due 2012
|
| Amount: | $2 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | June 22, 2012
|
| Coupon: | 2.3%
|
| Price: | 99.883
|
| Yield: | 2.335%
|
| Spread: | Treasuries plus 133.2 bps
|
| Call: | Non-callable
|
|
|
| Notes due 2011
|
| Amount: | $500 million
|
| Issue: | Fixed-rate notes
|
| Maturity: | June 22, 2011
|
| Coupon: | 1.875%
|
| Price: | 99.82
|
| Yield: | 1.949%
|
| Spread: | Treasuries plus 119.6 bps
|
| Call: | Non-callable
|
|
|
| Floaters due 2011
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| Amount: | $400 million
|
| Issue: | Floating-rate notes
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| Maturity: | 2011
|
| Coupon: | Three-month Libor plus 28 bps, payable quarterly
|
| Price: | Par
|
| Yield: | Three-month Libor plus 28 bps
|
| Call: | Non-callable
|
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