PNC ANNOUNCES REDEMPTION OF SENIOR BANK NOTES DUE FEBRUARY 17, 2022 AND SENIOR NOTES DUE MARCH 8, 2022

Rhea-AI Summary

The PNC Financial Services Group announced the redemption of two sets of Senior Bank Notes and Senior Notes totaling $2.25 billion. The first, $1.25 billion in Senior Bank Notes with a 2.625% rate, will be redeemed on January 18, 2022. The second, $1 billion in Senior Notes with a 3.30% rate, is scheduled for redemption on February 7, 2022. Both redemptions will be at par value, plus any accrued distributions. PNC is a leading diversified financial services institution in the U.S., focusing on various banking and financial services.

PITTSBURGH, Jan. 6, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption of the following Senior Bank Notes and Senior Notes:

• On Jan. 18, 2022, all outstanding Senior Bank Notes due Feb. 17, 2022 issued by PNC Bank, National Association in the amount of $1,250,000,000 (CUSIP 69353RFB9). The securities have a distribution rate of 2.625% and an original scheduled maturity date of Feb. 17, 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 Jan. 18, 2022.
• On Feb. 7, 2022, all outstanding Senior Notes due March 8, 2022 issued by PNC (as successor-in-interest to PNC Funding Corp) in the amount of $1,000,000,000 (CUSIP 693476BN2). The securities have a distribution rate of 3.30% and an original scheduled maturity date of March 8, 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 Feb. 7, 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 Senior Notes did PNC announce redemption for on January 6, 2022?

PNC announced the redemption of $1.25 billion in Senior Bank Notes due February 17, 2022, and $1 billion in Senior Notes due March 8, 2022.

When will the PNC Senior Bank Notes be redeemed?

The Senior Bank Notes will be redeemed on January 18, 2022.

What is the distribution rate for the Senior Notes being redeemed by PNC?

The distribution rate for the Senior Notes is 3.30%.

What is the total amount of Senior Notes PNC is redeeming?

PNC is redeeming a total of $2.25 billion in Senior Notes.

Is PNC redeeming the Senior Notes at par value?

Yes, the Senior Notes will be redeemed at par value, plus any accrued distributions.