PNC Announces Redemption of 5.812% Fixed Rate/Floating Rate Senior Notes Due June 12, 2026

PNC Financial Services Group (NYSE: PNC) has announced the early redemption of its $1 billion 5.812% Fixed Rate/Floating Rate Senior Notes, originally due June 12, 2026.

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Rhea-AI Summary

PNC Financial Services Group (NYSE: PNC) has announced the early redemption of its $1 billion 5.812% Fixed Rate/Floating Rate Senior Notes, originally due June 12, 2026. The redemption will occur on June 12, 2025, with investors receiving 100% of the principal amount plus any accrued and unpaid interest up to the redemption date. The notes (CUSIP 693475 BQ7) will cease accruing interest on the redemption date, and payment will be processed through the Depository Trust Company facilities. This move by one of the largest diversified financial institutions in the United States demonstrates active management of its debt obligations.

Positive

Early redemption indicates strong financial position and liquidity
Full principal repayment (100%) protects noteholders' investment
Clear communication of redemption terms and process to investors

Negative

Loss of future interest payments for noteholders who expected returns until 2026
Potential need to reinvest at potentially lower interest rates in current market

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06/04/2025 - 09:06 AM EDT

PITTSBURGH, June 4, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption of, on June 12, 2025, all outstanding 5.812% Fixed Rate/Floating Rate Senior Notes due June 12, 2026, issued by PNC in the amount of $1,000,000,000 (CUSIP 693475 BQ7). The securities have an original scheduled maturity date of June 12, 2026. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of June 12, 2025. Interest on the 5.812% Fixed Rate/Floating Rate Senior Notes will cease to accrue on the redemption date.

Payment of the redemption price for the 5.812% Fixed Rate/Floating Rate Senior Notes 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:
Kristen Pillitteri
(412) 762-4550
media.relations@pnc.com

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/pnc-announces-redemption-of-5-812-fixed-ratefloating-rate-senior-notes-due-june-12--2026--302473241.html

SOURCE The PNC Financial Services Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the redemption amount for PNC's 5.812% Fixed Rate/Floating Rate Senior Notes?

PNC is redeeming $1 billion worth of 5.812% Fixed Rate/Floating Rate Senior Notes at 100% of the principal amount, plus any accrued and unpaid interest.

When will PNC redeem its 5.812% Fixed Rate/Floating Rate Senior Notes?

PNC will redeem the notes on June 12, 2025, one year before their original maturity date of June 12, 2026.

What will noteholders of PNC's 5.812% Senior Notes receive in the redemption?

Noteholders will receive 100% of the principal amount plus any accrued and unpaid interest up to the redemption date of June 12, 2025.

How will PNC process the redemption payment for the Senior Notes?

The redemption payment will be processed through the facilities of the Depository Trust Company.

What is the CUSIP number for PNC's 5.812% Senior Notes being redeemed?

The CUSIP number for the notes being redeemed is 693475 BQ7.

PNC Announces Redemption of 5.812% Fixed Rate/Floating Rate Senior Notes Due June 12, 2026