Summary
PNC Financial Services Group, Inc. (PNC) has filed a Current Report (8-K) on October 14, 2011, announcing its intent to redeem $750,000,000 of Trust Preferred Securities. These securities, issued by the National City Capital Trust II, carry a 6.625% distribution rate and were originally scheduled to mature on November 15, 2036. The redemption is set to occur on November 15, 2011, with the redemption price at $25 per security plus any accrued and unpaid distributions. This action indicates PNC's strategy to manage its capital structure and reduce its outstanding preferred securities obligations.
Key Highlights
- 1PNC announced the redemption of $750,000,000 of Trust Preferred Securities.
- 2The securities were issued by National City Capital Trust II.
- 3The redemption date is scheduled for November 15, 2011.
- 4The Trust Preferred Securities have a current distribution rate of 6.625%.
- 5The original maturity date for these securities was November 15, 2036.
- 6The redemption price will be $25 per security plus accrued distributions.