PNC Announces Redemption Of 2.150 Percent Senior Bank Notes Due April 29, 2021

Rhea-AI Summary

PNC Financial Services Group has announced the redemption of $1.25 billion in Senior Notes, which are due on April 29, 2021. The notes, carrying a distribution rate of 2.150%, will be redeemed at their face value of $1,000 per $1,000 in principal, plus any accrued interest, on March 30, 2021. This strategic move indicates PNC's commitment to managing its liabilities effectively. Payments will be processed through The Depository Trust Company.

Positive

• Redemption of $1.25 billion Senior Notes reflects strong liquidity position.
• Effective management of liabilities enhances financial stability.

Negative

• None.

PITTSBURGH, March 19, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on March 30, 2021, of all of the outstanding Senior Notes due April 29, 2021, issued by PNC Bank, National Association in the amount of $1,250,000,000 (CUSIP 69353REW4). The securities have a distribution rate of 2.150 percent and an original scheduled maturity date of April 29, 2021. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date of March 30, 2021. 

Payment of the redemption price will be made through the facilities of The Depository Trust Company.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS:                                                                                                                 

MEDIA:    
Marcey Zwiebel
(412) 762-4550
media.relations@pnc.com 

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com 

 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

When is PNC redeeming its Senior Notes?

PNC is redeeming its Senior Notes on March 30, 2021.

What is the total amount of the Senior Notes being redeemed by PNC?

PNC is redeeming a total of $1.25 billion in Senior Notes.

What is the distribution rate of PNC's Senior Notes?

The distribution rate of PNC's Senior Notes is 2.150 percent.

What will be the redemption price for the Senior Notes?

The redemption price will be $1,000 per $1,000 in principal, plus any accrued interest.

What is the original maturity date of PNC's Senior Notes?

The original maturity date of PNC's Senior Notes is April 29, 2021.