PNC Announces Redemption Of 2.550 Percent Senior Bank Notes Due December 9, 2021

Rhea-AI Summary

The PNC Financial Services Group, Inc. (NYSE: PNC) announced the redemption of $750 million in Senior Notes, set to occur on Nov. 9, 2021, with a distribution rate of 2.550%. These notes, originally due on Dec. 9, 2021, will be redeemed at $1,000 per $1,000 principal, including any accrued distributions. This redemption represents a strategic move for PNC to manage its debt obligations efficiently. Payment will be processed through The Depository Trust Company.

Positive

• Redemption of $750 million in Senior Notes enhances financial position.
• Strategic management of debt obligations improves liquidity.

Negative

• None.

PITTSBURGH, Oct. 29, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Nov. 9, 2021 of all of the outstanding Senior Notes due Dec. 9, 2021 issued by PNC Bank, National Association in the amount of $750,000,000 (CUSIP 69353REY0). The securities have a distribution rate of 2.550% and an original scheduled maturity date of Dec. 9, 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 Nov. 9, 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 the PNC Senior Notes redemption scheduled?

The redemption is scheduled for Nov. 9, 2021.

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

PNC is redeeming $750 million in Senior Notes.

What is the distribution rate of the PNC Senior Notes?

The distribution rate of the Senior Notes is 2.550%.

When were the PNC Senior Notes originally due?

The Senior Notes were originally due on Dec. 9, 2021.

How will PNC pay for the redemption of the Senior Notes?

Payment will be made through The Depository Trust Company.