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National City Capital Trust II, 6.625% Trust Preferred Securities
Ticker Symbol: NCC-A* CUSIP: 63540T200 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/15/2011
Security has been Called for: Tuesday, November 15, 2011
October 14, 2011 -- The PNC Financial Services Group, Inc. (NYSE:PNC) today announced that it has submitted a redemption notice to the property trustee for redemption on Nov. 15, 2011 of $750,000,000 of trust preferred securities issued by the National City Capital Trust II (NYSE:NCCPRA) CUSIP 63540T200. The trust preferred securities have a current distribution rate of 6.625 percent and an original scheduled maturity date of Nov. 15, 2036. The redemption price will be $25 per trust preferred security plus any accrued and unpaid distributions to the redemption date of Nov. 15, 2011. The redemption is consistent with the capital plan submitted to the Board of Governors of the Federal Reserve and will be funded with available cash. ____________ This security is possibly subject to an early call as a result of the occurrence of a regulatory capital event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ Dec. 31, 2008 -- The PNC Financial Services Group, Inc. announced today that it completed its acquisition of National City Corporation .
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QUANTUMONLINE.COM SECURITY DESCRIPTION: National City Capital Trust II, 6.625% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by National City Corp. (NYSE: NCC) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 11/15/2011 at $25 per share plus accrued and unpaid dividends, and maturing 11/15/2036 which may be extended to 11/15/2066. Distributions of 6.625% ($1.65625) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record one business day prior to the payment date while the securities remain in global security form. Dividends paid by trust preferred securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 40 consecutive quarters without giving rise to an event of default (but not beyond the maturity date) and up to 20 consecutive quarters before the alternative payment mechanism takes effect. The trust's assets consist of the 6.625% Income Capital Notes (ICONS) due 11/15/2036 which may be extended to 11/15/2066 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (PNC)
IPO - 10/31/2006 - 30.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: NLCPP Changed: 12/01/2006
Market Value $750.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: One PNC Plaza, 249 Fifth Avenue, Pittsburgh, PA 15222 |
Main Phone Number |
412-762-2000 |
Fax Number |
412-762-7829 |
Investor Relations
William H. Callihan
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412-762-8257
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Toll Free Phone Number |
800-843-2206 |
CEO - James E. Rohr |
CFO - Richard J. Johnson |
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