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PNC Financial Services Group, 5.375% Dep Shares Non-cumul Preferred Stock, Ser Q
Ticker Symbol: PNC-Q* CUSIP: 693475832 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/01/2020
Security has been Called for: Tuesday, September 1, 2020
July 31, 2020 -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Sept. 1, 2020, of $480,000,000 of Depositary Shares (CUSIP: 693475832) (the "Depositary Shares") representing interests in PNC's 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q (the "Series Q Preferred Stock"). Each Depositary Share represents a 1/4,000th interest in a share of the Series Q Preferred Stock. All 19,200,000 Depositary Shares currently outstanding will be redeemed.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: PNC Financial Services Group, 5.375% Depositary Shares, each representing a 1/4000th interest in a share of The PNC Financial Services Group, Inc. 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/1/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.375% per annum ($1.34375 per annum or $0.3358375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date that 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). 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-29 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 - 9/17/2012 - 18.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: PNCZL Changed: 9/26/2012
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, 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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