PNC ANNOUNCES REDEMPTION OF 2.450 PERCENT SENIOR BANK NOTES DUE JULY 28, 2022

Rhea-AI Summary

The PNC Financial Services Group announced the redemption of $750 million in Senior Notes with a 2.450% distribution rate, due July 28, 2022. This redemption will occur on June 28, 2022, with investors receiving $1,000 for each $1,000 in principal, plus accrued payments. This move reflects PNC's strategy to manage its debt effectively and strengthen its financial position in the market.

Positive

• Redemption of $750 million in Senior Notes enhances financial flexibility.
• Redemption price equal to par value plus accrued distributions indicates strong liquidity.

Negative

• None.

PITTSBURGH, June 17, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on June 28, 2022, of all of the outstanding Senior Notes due July 28, 2022, issued by PNC Bank, National Association in the amount of $750,000,000 (CUSIP 69353RFE3). The securities have a distribution rate of 2.450% and an original scheduled maturity date of July 28, 2022. 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 June 28, 2022. 

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

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

PNC is redeeming $750 million in Senior Notes.

When will PNC redeem these Senior Notes?

The redemption will occur on June 28, 2022.

What is the distribution rate of the redeemed Senior Notes?

The distribution rate is 2.450%.

What will investors receive upon redemption of the Senior Notes?

Investors will receive $1,000 per $1,000 in principal, plus any accrued and unpaid distributions.

What was the original maturity date of the Senior Notes?

The original maturity date was July 28, 2022.