PNC Announces Redemption of Senior Notes Due December 9, 2022

Rhea-AI Summary

The PNC Financial Services Group, Inc. (NYSE: PNC) announced the redemption of Senior Notes on Dec. 9, 2021. The notes include:

• $650 million Senior Fixed Rate/Floating Rate Notes due Dec. 9, 2022, with a distribution rate of 2.028%.
• $750 million Senior Floating Rate Notes due Dec. 9, 2022.

The redemption price is set at $1,000 per $1,000 principal, plus any accrued distributions. Payments will be processed via The Depository Trust Company.

Positive

• Successful management of debt through the redemption of Senior Notes.
• Reduction in future interest obligations associated with the redeemed notes.

Negative

• None.

PITTSBURGH, Nov. 24, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Dec. 9, 2021, of the following Senior Notes issued by PNC Bank, National Association:

• All outstanding Senior Fixed Rate/Floating Rate Notes due Dec. 9, 2022, in the amount of $650,000,000 (CUSIP 69353RFS2). The securities have a distribution rate of 2.028% and an original scheduled maturity date of Dec. 9, 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 Dec. 9, 2021.
• All outstanding Senior Floating Rate Notes due Dec. 9, 2022, in the amount of $750,000,000 (CUSIP 69353RFR4). The securities have an original scheduled maturity date of Dec. 9, 2022. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid interest to the redemption date of Dec. 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.

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 is the date for the redemption of PNC's Senior Notes?

PNC's Senior Notes will be redeemed on Dec. 9, 2021.

How much is PNC redeeming in Senior Fixed Rate/Floating Rate Notes?

PNC is redeeming $650 million in Senior Fixed Rate/Floating Rate Notes.

What is the distribution rate for PNC's Senior Fixed Rate/Floating Rate Notes?

The distribution rate for PNC's Senior Fixed Rate/Floating Rate Notes is 2.028%.

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

PNC is redeeming $750 million in Senior Floating Rate Notes.