PNC ANNOUNCES REDEMPTION OF SENIOR BANK NOTES DUE JUNE 29, 2022

Rhea-AI Summary

The PNC Financial Services Group, Inc. (NYSE: PNC) announced the redemption of all outstanding Senior Notes due June 29, 2022, totaling $750 million. This will occur on May 31, 2022 with a distribution rate of 2.875%. The redemption price will be $1,000 per $1,000 principal amount, including accrued distributions. Payment will be processed through The Depository Trust Company. PNC continues to serve as a major diversified financial services institution in the U.S., focusing on strong customer and community relationships.

Positive

• Redemption of $750 million Senior Notes reflects strong liquidity.
• Maintains a distribution rate of 2.875%, signaling favorable financial management.

Negative

• None.

PITTSBURGH, April 29, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on May 31, 2022 of all of the outstanding Senior Notes due June 29, 2022 issued by PNC Bank, National Association (as successor-in-interest to BBVA USA, formerly known as Compass Bank) in the amount of $750,000,000 (CUSIP 20453KAB1). The securities have a distribution rate of 2.875% and an original scheduled maturity date of June 29, 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 May 31, 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

When is PNC redeeming its Senior Notes?

PNC is redeeming its Senior Notes on May 31, 2022.

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

The total amount being redeemed is $750 million.

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

The distribution rate for the Senior Notes is 2.875%.

What will the redemption price be for PNC's Senior Notes?

The redemption price will be $1,000 per $1,000 in principal amount.

What is the maturity date of PNC's Senior Notes?

The maturity date of the Senior Notes is June 29, 2022.