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PNC Financial Services Group, 9.875% Dep Shares Fixed-Float Non-cum Pfd Stock F
Ticker Symbol: PNC-L* CUSIP: 693475881 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/19/2013
Security has been Called for: Friday, April 19, 2013
March 19, 2013 -- The PNC Financial Services Group, Inc. (PNC) today announced the redemption on April 19, 2013 of $150,000,000 of Depositary Shares (NYSE:PNC PRL) (CUSIP:693475881) representing interests in PNC's 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L. Each Depositary Share represents a 1/4,000 interest in a share of the Series L Preferred Stock. All 6,000,000 Depositary Shares currently outstanding will be redeemed. The Depositary Shares will be redeemed at a redemption price of $25 per Depositary Share plus declared and unpaid dividends of $0.3544406 per Depositary Share, representing the dividend for the period from Feb. 1, 2013 through but excluding April 19, 2013.
The Depositary Shares are held through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Wilmington Trust Company, the Depositary, in accordance with the Deposit Agreement governing the Depositary Shares.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: PNC Financial Services Group, formerly National City Corp., 9.875% Depositary Shares each representing a 1/4000 interest in a share of the 9.875% Fixed-to-Floating Rate Non-cumulative Preferred Stock, Series F, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 2/1/2013 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 9.875% ($2.46875) per annum through 2/1/2013 are paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). On and after 2/1/2013 dividends will be paid at a rate equal to the Three-Month LIBOR plus 6.330%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-40 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (PNC)
IPO - 1/28/2008 - 6.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: NCC-F Changed: 1/02/2009
Market Value $150.0 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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