By Andrea Heisinger
New York, Aug. 4 - PNC Funding Corp. sold an upsized $750 million of 4.375% 10-year senior unsecured notes on Wednesday to yield 150 basis points over Treasuries, a source away from the sale said.
The size was increased from $500 million, a source said.
The non-callable notes (A3/A/A+) priced at 99.456 to yield 4.443%.
The notes are guaranteed by PNC Financial Services Group, Inc.
Bank of America Merrill Lynch and J.P. Morgan Securities Inc. ran the books. PNC Capital Markets LLC and Morgan Stanley & Co. Inc. were the co-managers.
Proceeds are going for general corporate purposes.
The diversified financial services company is based in Pittsburgh.
| Issuer: | PNC Funding Corp.
|
| Guarantor: | PNC Financial Services Group, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Aug. 11, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Co-managers: | PNC Capital Markets LLC, Morgan Stanley & Co. Inc.
|
| Coupon: | 4.375%
|
| Price: | 99.456
|
| Yield: | 4.443%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Non-callable
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 11
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
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