By Andrea Heisinger
New York, March 6 - PNC Funding Corp. priced $1 billion of 3.3% 10-year senior notes on Monday to yield Treasuries plus 137.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/A-/A+) were sold at 99.444 to yield 3.366%.
There is a par call plus accrued and unpaid interest on or after Dec. 8, 2021.
Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC.
Proceeds will be used for general corporate purposes, including advances to PNC and subsidiaries to finance their activities, to repay debt and for repayment and redemption of securities.
The notes are guaranteed by PNC Financial Services Group, Inc.
The financial services company is based in Pittsburgh.
| Issuer: | PNC Funding Corp.
|
| Guarantor: | PNC Financial Services Group, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | March 8, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC
|
| Coupon: | 3.3%
|
| Price: | 99.444
|
| Yield: | 3.366%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call: | At par plus accrued and unpaid interest on or after Dec. 8, 2021
|
| Trade date: | March 5
|
| Settlement date: | March 8
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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