PNC ANNOUNCES REDEMPTION OF SENIOR BANK NOTES DUE FEBRUARY 24, 2023
The PNC Financial Services Group, Inc. announced the redemption of two Senior Notes totaling $1.5 billion.
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Rhea-AI Summary
The PNC Financial Services Group, Inc. announced the redemption of two Senior Notes totaling $1.5 billion. The Senior Fixed Rate/Floating Rate Notes amount to $500 million with a distribution rate of 1.743%, and the Senior Floating Rate Notes total $1 billion. The redemption will occur on February 24, 2022, with the price set at $1,000 per $1,000 in principal, plus any accrued distributions or interest. The redemption reflects PNC's management of its liabilities and capital.
Positive
- Redemption of Senior Notes indicates proactive financial management.
- Total amount of Senior Notes redeemed is significant at $1.5 billion.
Negative
- None.
Details
News Market Reaction – PNC
The recorded move for PNC in the trading session of this news was -1.55%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PITTSBURGH, Feb. 11, 2022 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Feb. 24, 2022 of the following Senior Notes issued by PNC Bank, National Association:
- All outstanding Senior Fixed Rate/Floating Rate Notes due Feb. 24, 2023, in the amount of
$500,000,000 (CUSIP 69353RFT0). The securities have a distribution rate of1.743% and an original scheduled maturity date of Feb. 24, 2023. 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. 24, 2022. - All outstanding Senior Floating Rate Notes due Feb. 24, 2023, in the amount of
$1,000,000,000 (CUSIP 69353RFU7). The securities have an original scheduled maturity date of Feb. 24, 2023. 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 Feb. 24, 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.
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