PNC Announces Redemption Of All Depositary Shares Representing Interests In Series Q Stock

Rhea-AI Summary

PNC Financial Services Group, Inc. (NYSE: PNC) announced the redemption of all $480 million of its Depositary Shares representing interests in the 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q. The redemption will take place on Sept. 1, 2020, at a price of $25.00 per share plus $0.3359375 in declared and unpaid dividends for the period from June 1, 2020 to Sept. 1, 2020. A total of 19.2 million shares are affected. Payment will be made through Computershare Trust Company, N.A.

Positive

• Redemption of $480 million in Depositary Shares will simplify capital structure.
• Redeeming shares at $25.00 each indicates strong liquidity position.

Negative

• None.

PITTSBURGH, July 31, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Sept. 1, 2020, of $480,000,000 of Depositary Shares (CUSIP: 693475832) (the "Depositary Shares") representing interests in PNC's 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q (the "Series Q Preferred Stock"). Each Depositary Share represents a 1/4,000^th interest in a share of the Series Q Preferred Stock. All 19,200,000 Depositary Shares currently outstanding will be redeemed. 

The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share plus declared and unpaid dividends of $0.3359375 per Depositary Share, representing the dividend for the period from June 1, 2020 to, but excluding, Sept. 1, 2020.

The Depositary Shares are held through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Computershare Trust Company, N.A., the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares. The address for Computershare Trust Company, N.A. is 462 South 4th Street, Suite 1600, Louisville, KY 40202.

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 is the redemption date for PNC's Depositary Shares?

The redemption date is set for September 1, 2020.

How much will PNC redeem in Depositary Shares?

PNC will redeem $480 million of its Depositary Shares.

What is the redemption price for the Series Q Preferred Stock?

The redemption price is $25.00 per Depositary Share plus declared and unpaid dividends.

What are the dividends associated with PNC's Depositary Shares?

The dividends amount to $0.3359375 per Depositary Share for the period from June 1, 2020, to September 1, 2020.

How many Depositary Shares will PNC redeem?

PNC will redeem a total of 19.2 million Depositary Shares.