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).