Summary
PNC Financial Services Group, Inc. (PNC) announced on March 19, 2013, the redemption of all outstanding Depositary Shares representing interests in its 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L. This redemption, totaling $150,000,000, is scheduled to occur on April 19, 2013. Investors holding these Depositary Shares will receive $25 per share, along with declared and unpaid dividends accrued up to the redemption date. This action reflects PNC's proactive capital management and may indicate a strategic decision to reduce preferred equity obligations, potentially improving its capital structure or reducing interest expenses. Investors should note the specific dividend payment details and ensure their holdings are processed through the Depository Trust Company (DTC).
Key Highlights
- 1PNC is redeeming $150 million of its 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L.
- 2The redemption date is set for April 19, 2013.
- 3Investors will receive $25 per Depositary Share, plus accrued dividends.
- 4All 6,000,000 outstanding Depositary Shares are being redeemed.
- 5The Depositary Shares represent interests in PNC's Series L Preferred Stock.
- 6The redemption process will be handled through the Depository Trust Company (DTC).