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National City Capital Trust III, 6.625% Trust Preferred Securities
Ticker Symbol: NCC-B* CUSIP: 63540X201 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/30/2012
Security has been Called for: Friday, May 25, 2012
April 10, 2012 -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it has submitted a redemption notice to the property trustee for redemption on May 25, 2012 of all of the outstanding trust preferred securities issued by National City Capital Trust III in the amount of $500,000,000 (NYSE: NCCPRB) (CUSIP 63540X201). The trust preferred securities have a current distribution rate of 6.625 percent and an original scheduled maturity date of May 25, 2047. The redemption price will be $25 per trust preferred security plus any accrued and unpaid distributions to the redemption date of May 25, 2012. 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. The paying agent is The Bank of New York Mellon Trust Company, N. A., 525 William Penn Place, Suite 153-3800, Pittsburgh, PA 15259. ____________ 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 III, 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 5/25/2012 at $25 per share plus accrued and unpaid dividends, and maturing 5/25/2047 which may be extended to 5/25/2067. Distributions of 6.625% ($1.65625) per annum are paid quarterly on 2/25, 5/25, 8/25 & 11/25 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 5/25/2047 which may be extended to 5/25/2067 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 - 5/22/2007 - 20.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: NLYPP Changed: 6/15/2007
Market Value $500.0 Million
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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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