Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K on June 9, 2009, to report on the completion of a significant debt offering. The company's indirect wholly-owned subsidiary, PNC Funding Corp, successfully issued $1 billion in aggregate principal amount of senior notes. This offering comprised $400 million of 5.40% Senior Notes due 2014 and $600 million of 6.70% Senior Notes due 2019. These senior notes are unconditionally guaranteed by PNC Financial Services Group, Inc. The issuance was conducted under an underwriting agreement dated June 4, 2009, with Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acting as representatives for the underwriters. The offering was made pursuant to a previously effective registration statement on Form S-3, demonstrating PNC's continued access to capital markets during a challenging economic period.
Key Highlights
- 1PNC completed a public offering of $1 billion in senior notes through its subsidiary PNC Funding Corp.
- 2The offering included $400 million of 5.40% Senior Notes due June 10, 2014.
- 3The offering also included $600 million of 6.70% Senior Notes due June 10, 2019.
- 4PNC Financial Services Group, Inc. provided unconditional guarantees for these senior notes.
- 5The issuance was executed under an underwriting agreement dated June 4, 2009, with major investment banks involved.
- 6The notes were offered under a previously effective registration statement on Form S-3.