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National City Capital Trust IV, 8.00% TruPS (Enhanced Trust Preferred Sec)
Ticker Symbol: NCC-C* CUSIP: 63540U207 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/07/2012
Security has been Called for: Monday, July 30, 2012
June 28, 2012 -- The PNC Financial Services Group, Inc. today announced that it has submitted redemption notices to the property trustees for redemption on July 30, 2012, of all of the outstanding of the following trust preferred securities: a) $450,000,000 of trust preferred securities issued by PNC Capital Trust E (PNH) (CUSIP 69350S 208) and b) $517,500,000 of enhanced trust preferred securities issued by National City Capital Trust IV (NYSE:NCCPRC) (CUSIP 63540U207). The PNC E TPS have a current distribution rate of 7.750 percent and a scheduled redemption date of March 15, 2038. The NCCT IV TPS have a current distribution rate of 8.000 percent and a scheduled maturity date of Sept. 15, 2047. In each case, the redemption price will be $25 per security, which reflects 100 percent of the liquidation amount, plus accrued and unpaid distributions to the redemption date. The redemptions will be funded with available cash. Pursuant to the terms of the Trust Preferred Securities, PNC may redeem these Trust Preferred Securities within 90 days of a "Capital Treatment Event" or "Regulatory Capital Event" (as defined in the documents governing those securities), as the case may be. PNC has determined that a Capital Treatment Event or Regulatory Capital Event, as the case may be, occurred upon approval by the Board of Governors of the Federal Reserve System on June 7, 2012 of a joint notice of proposed rulemaking with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency addressing, among other matters, Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and providing detailed information regarding the cessation of Tier 1 capital treatment for outstanding trust preferred securities. ____________ 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 IV, 8.00% Enhanced Trust Preferred Securities (Enhanced TruPS), 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 8/30/2012 at $25 per share plus accrued and unpaid dividends, and maturing 9/15/2047. Distributions of 8.00% ($2.00) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in global security form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore 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 8.00% Junior Subordinated Deferrable Interest Debt Securities due 9/15/2047 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 - 8/28/2007 - 18.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: NTALP Changed: 9/27/2007
Market Value $450.0 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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