Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K report on December 14, 2004, detailing the issuance of $500 million in 5.25% Subordinated Notes due 2017 by its principal banking subsidiary, PNC Bank, National Association, on December 10, 2004. These notes were issued at a slight discount, yielding proceeds of approximately $498 million after dealer discounts. This issuance is part of a larger, previously established program under which PNC Bank can offer up to $20 billion in unsecured debt. The report also references a prior issuance of $500 million in 18-month Floating Rate Notes due March 2006, which were issued in September 2004. Investors should note that neither the subordinated notes nor the floating rate notes are redeemable by PNC Bank prior to maturity.
Key Highlights
- 1PNC Bank issued $500 million of 5.25% Subordinated Notes due 2017 on December 10, 2004.
- 2The Subordinated Notes were issued at a price of 99.912% of their principal amount, resulting in net proceeds of $498,015,000.
- 3These notes are not redeemable by PNC Bank or subject to early repayment by the holder.
- 4The issuance is part of a larger debt program allowing PNC Bank to offer up to $20 billion in senior and subordinated unsecured debt.
- 5The report also mentions a prior issuance of $500 million in 18-month Floating Rate Notes due March 2006.
- 6The Floating Rate Notes bear interest at 1-month LIBOR minus 6 basis points.