PNC Announces Redemption Of 2.450 Percent Senior Bank Notes Due November 5, 2020

Rhea-AI Summary

The PNC Financial Services Group, Inc. (PNC) announced the redemption of all outstanding Senior Notes valued at $1.5 billion, maturing on November 5, 2020, with a distribution rate of 2.450%. This redemption will take place on October 6, 2020, at a price of $1,000 per $1,000 in principal, including any accrued distributions. Payment will be processed via The Depository Trust Company. PNC is a leading diversified financial services institution in the U.S., providing comprehensive banking and financial solutions.

Positive

• Redemption of $1.5 billion Senior Notes indicates strong liquidity position.
• The 2.450% distribution rate reflects competitive financing.
• Preemptive action on debt management may strengthen financial stability.

Negative

• None.

PITTSBURGH, Sept. 25, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Oct. 6, 2020, of all of the outstanding Senior Notes due Nov. 5, 2020, issued by PNC Bank, National Association in the amount of $1,500,000,000 (CUSIP 69353REU8). The securities have a distribution rate of 2.450 percent and an original scheduled maturity date of Nov. 5, 2020. 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 Oct. 6, 2020. 

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.

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 PNC Financial Services Group

FAQ

What is the redemption date for PNC's Senior Notes?

PNC's Senior Notes will be redeemed on October 6, 2020.

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

The total value of Senior Notes being redeemed is $1.5 billion.

What is the distribution rate for the redeemed Senior Notes?

The distribution rate for the redeemed Senior Notes is 2.450%.

When are the Senior Notes due for maturity?

The Senior Notes are due for maturity on November 5, 2020.