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PNC Financial Services Group, 6.125% Dep Shares Fixed/Float Non-cum Pfd Stock P
Ticker Symbol: PNC-P* CUSIP: 693475857 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/01/2022
Security has been Called for: Tuesday, November 1, 2022
Sept. 30, 2022 -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Nov. 1, 2022, of $1,500,000,000 of Depositary Shares (CUSIP: 693475857) (the "Depositary Shares") representing interests in PNC's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (the "Series P Preferred Stock"). Each Depositary Share represents a 1/4,000th interest in a share of the Series P Preferred Stock. All 60,000,000 Depositary Shares currently outstanding will be redeemed.
The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share plus declared and unpaid dividends of $0.43763 per Depositary Share, representing the dividend for the period from Aug. 1, 2022 to, but excluding, Nov. 1, 2022.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: PNC Financial Services Group, 6.125% Depositary Shares each representing a 1/4,000th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 5/1/2022 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.125% per annum ($1.53125 per annum or $0.3828125 per quarter) prior to 5/1/2022 will be paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date which will be 15 calendar days prior to the payment date or on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 5/1/2022, dividends will be paid at a floating rate equal to three-month LIBOR plus a spread of 4.0675% per annum. 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. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-27 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, 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 - 4/20/2012 - 60.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: PNUFL Changed: 5/01/2012
Market Value $1.5 Billion
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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, 300 Fifth Avenue, Pittsburgh, PA 15222 |
| Main Phone Number |
412-762-2000 |
| Fax Number |
Not Available |
| Investor Relations
Bryan Gill
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412-768-4143
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| Toll Free Phone Number |
888-762-2265 |
| CEO - William S. Demchak |
CFO - Robert Q. Reilly |
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