PNC Announces Redemption of 2.500 Percent Senior Bank Notes Due January 22, 2021

Rhea-AI Summary

PNC Financial Services Group announced the redemption of all outstanding Senior Notes due January 22, 2021, totaling $900 million with a 2.500% distribution rate. The redemption will occur on December 23, 2020, at a price of $1,000 per $1,000 principal amount, including any accrued distributions. Payments will be processed through The Depository Trust Company. This move reflects PNC's commitment to managing its financial obligations effectively.

Positive

• Redemption of $900 million Senior Notes indicates strong liquidity management.
• 2.500% distribution rate may offer cost-effective financial management.

Negative

• None.

PITTSBURGH, Dec. 11, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Dec. 23, 2020 of all of the outstanding Senior Notes due Jan. 22, 2021 issued by PNC Bank, National Association in the amount of $900,000,000 (CUSIP 69353RFH6). The securities have a distribution rate of 2.500% and an original scheduled maturity date of Jan. 22, 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 Dec. 23, 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.

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 PNC Financial Services Group

FAQ

What does the redemption of PNC's Senior Notes mean for investors?

The redemption indicates PNC's strong liquidity position, which may enhance investor confidence.

When is PNC redeeming its Senior Notes?

PNC is redeeming its Senior Notes on December 23, 2020.

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

PNC is redeeming a total of $900 million in Senior Notes.

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

The distribution rate of PNC's Senior Notes is 2.500%.