PNC Announces Redemption of Senior Floating Rate Notes, 4.775% Senior Fixed Rate/Floating Rate Notes Each Due Jan. 15, 2027

Rhea-AI Summary

PNC (NYSE: PNC) announced the redemption on Jan. 15, 2026 of all outstanding Senior Bank Notes due Jan. 15, 2027.

The company will redeem $500,000,000 of Senior Floating Rate Bank Notes (CUSIP 69353R FW3) and $1,250,000,000 of 4.775% Senior Fixed Rate/Floating Rate Notes (CUSIP 69353R FX1). The redemption price for each issue is 100% of principal plus any accrued and unpaid interest, and interest will cease to accrue on the redemption date. Payment will be made through the facilities of The Depository Trust Company.

Positive

• Redeems $500,000,000 Senior Floating Rate Bank Notes due Jan 15, 2027
• Redeems $1,250,000,000 4.775% Senior Fixed/Floating Rate Notes due Jan 15, 2027
• Redemption effective on Jan 15, 2026, one year before scheduled maturity

Negative

• Requires cash payment of $1,750,000,000 principal on Jan 15, 2026
• Redemption includes payment of accrued interest in addition to principal

PITTSBURGH, Jan. 6, 2026 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Jan. 15, 2026, of the following Senior Bank Notes issued by PNC Bank, National Association:

• All outstanding Senior Floating Rate Bank Notes due Jan. 15, 2027, in the amount of $500,000,000 (CUSIP 69353R FW3). The securities have an original scheduled maturity date of Jan. 15, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of Jan. 15, 2026. Interest on the Senior Floating Rate Bank Notes will cease to accrue on the redemption date.
• All outstanding 4.775% Senior Fixed Rate/Floating Rate Notes due Jan. 15, 2027, in the amount of $1,250,000,000 (CUSIP 69353R FX1). The securities have an original scheduled maturity date of Jan. 15, 2027. The redemption price will be equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of Jan. 15, 2026. Interest on the 4.775% Senior Fixed Rate/Floating Rate Notes will cease to accrue on the redemption date.

Payment of the redemption price for the Senior Bank 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

 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

What exactly is PNC redeeming on Jan. 15, 2026 (NYSE: PNC)?

PNC will redeem all outstanding Senior Floating Rate Bank Notes of $500,000,000 (CUSIP 69353R FW3) and all 4.775% Senior Fixed/Floating Rate Notes of $1,250,000,000 due Jan. 15, 2027.

What redemption price will PNC pay for the notes due Jan. 15, 2027?

The redemption price is 100% of the principal amount plus any accrued and unpaid interest to the redemption date of Jan. 15, 2026.

When will interest stop accruing on the redeemed PNC notes (symbol PNC)?

Interest on both series will cease to accrue on the redemption date, Jan. 15, 2026.

How will PNC make payment for the redeemed Senior Bank Notes?

Payment of the redemption price will be made through the facilities of The Depository Trust Company.

Which CUSIPs correspond to the redeemed PNC notes due Jan. 15, 2027?

The Senior Floating Rate Bank Notes are CUSIP 69353R FW3; the 4.775% Senior Fixed/Floating Rate Notes are CUSIP 69353R FX1.

How much total principal is PNC redeeming on Jan. 15, 2026?

PNC is redeeming a total principal amount of $1,750,000,000 across the two note series.