Summary
PNC Financial Services Group, Inc. (PNC) announced on February 7, 2013, its intention to redeem all outstanding REIT Preferred Securities issued by PNC Preferred Funding Trust III. The redemption is scheduled for March 15, 2013, with a redemption price of $100,000 per security, totaling $375 million in aggregate liquidation amount. This action signifies a strategic move by PNC to manage its capital structure and potentially reduce its financing costs. Investors holding these specific trust securities will receive the principal amount plus the final declared distribution for the first quarter, which is also payable on March 15, 2013. This redemption will conclude the outstanding obligations related to these particular preferred securities.
Key Highlights
- 1PNC announced the redemption of $375 million in REIT Preferred Securities.
- 2The redemption date is set for March 15, 2013.
- 3The redemption price is $100,000 per REIT Preferred Security.
- 4This action pertains to securities issued by PNC Preferred Funding Trust III.
- 5The final quarterly distribution on these securities will be paid on March 15, 2013.
- 6Holders of record on March 1, 2013, are eligible for the distribution.