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

PNC Financial Services Group (NYSE: PNC) announced the redemption of all outstanding Depositary Shares representing interests in Series R Preferred Stock, scheduled for December 2, 2024.

Rhea-AI Summary

PNC Financial Services Group (NYSE: PNC) announced the redemption of all outstanding Depositary Shares representing interests in Series R Preferred Stock, scheduled for December 2, 2024. The redemption involves 500,000 Depositary Shares at a price of $1,000 per share, totaling $500 million. The redemption price excludes the regular quarterly dividend, which will be paid separately to holders of record on the same date. The shares are held through DTC and will be redeemed according to DTC procedures, with payments handled by Computershare Trust Company.

Positive

• Strategic capital management through redemption of $500 million in preferred stock

Negative

• Reduction in capital base through $500 million preferred stock redemption

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PITTSBURGH, Oct. 30, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Dec. 2, 2024, of $500,000,000 of Depositary Shares (CUSIP: 693475AM7) (the "Depositary Shares") representing interests in PNC's Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R (the "Series R Preferred Stock"). Each Depositary Share represents a 1/100^th interest in a share of the Series R Preferred Stock. All 500,000 Depositary Shares currently outstanding will be redeemed.

The Depositary Shares will be redeemed at a redemption price of $1,000 per Depositary Share. Such redemption price does not include the regular quarterly dividend on the Depositary Shares that was separately declared and will be paid separately on Dec. 2, 2024, to holders of record on the record date for dividend payment in the customary manner.

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 P.O. Box 43078, Providence, RI, 02940 or, for courier delivery, 150 Royall Street, Canton, MA 02021.

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

 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

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When will PNC redeem its Series R Preferred Stock Depositary Shares?

PNC will redeem all Series R Preferred Stock Depositary Shares on December 2, 2024.

What is the redemption price for PNC's Series R Preferred Stock Depositary Shares?

The redemption price is $1,000 per Depositary Share, not including the regular quarterly dividend.

How many Depositary Shares of PNC Series R Preferred Stock will be redeemed?

PNC will redeem all 500,000 Depositary Shares currently outstanding, representing a total value of $500 million.