Summary
PNC Financial Services Group, Inc. announced on April 2, 2015, its intention to redeem $500 million of its Depositary Shares, representing interests in its Series K Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. The redemption is scheduled to occur on May 4, 2015, at a price of $1,000 per Depositary Share, plus accrued and unpaid dividends. This action indicates a proactive approach by PNC to manage its capital structure. Investors should note the specific redemption price and the inclusion of declared dividends, which will result in a full payout for the holders of these Depositary Shares. The redemption is being handled through the Depository Trust Company (DTC) according to established procedures.
Key Highlights
- 1PNC to redeem $500,000,000 of Depositary Shares.
- 2Redemption date set for May 4, 2015.
- 3Redemption price is $1,000 per Depositary Share.
- 4Accrued and unpaid dividends will also be paid, amounting to $8.963 per Depositary Share.
- 5The redeemed shares represent interests in PNC's Series K Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
- 6The redemption is being executed through the Depository Trust Company (DTC).
Frequently Asked Questions
PNC is redeeming $500,000,000 of Depositary Shares, which represent interests in its Series K Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
The redemption is scheduled to occur on May 4, 2015.
The redemption price is $1,000 per Depositary Share, plus any declared and unpaid dividends. The accrued dividend is stated as $8.963 per Depositary Share for the period up to May 4, 2015.
The Depositary Shares are held through the Depository Trust Company (DTC), and the redemption will be processed in accordance with DTC's procedures. PNC Bank, National Association, will make the payment to DTC.