Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K report on February 3, 2017, to announce the redemption of its outstanding REIT Preferred Securities. The company has issued a redemption notice for all Fixed-to-Floating Rate Non-cumulative Exchangeable Perpetual Trust Securities issued by PNC Preferred Funding Trust I and PNC Preferred Funding Trust II. This action will result in the redemption of an aggregate liquidation amount of $1,000,000,000 in these securities on March 15, 2017, at a price of $100,000 per security.
Key Highlights
- 1PNC Financial Services Group, Inc. announced the redemption of $1 billion in REIT Preferred Securities.
- 2The redemption is scheduled to occur on March 15, 2017.
- 3The redemption price is $100,000 per REIT Preferred Security.
- 4This action involves securities issued by PNC Preferred Funding Trust I and PNC Preferred Funding Trust II.
- 5The company will pay the regular first quarter distribution on March 15, 2017, to holders of record on March 1, 2017.
- 6This 8-K filing primarily serves to officially announce the redemption notice and related details.
Frequently Asked Questions
The primary purpose of this 8-K filing is to formally announce PNC Financial Services Group, Inc.'s intention to redeem all of its outstanding REIT Preferred Securities issued by PNC Preferred Funding Trust I and PNC Preferred Funding Trust II.
The REIT Preferred Securities are Fixed-to-Floating Rate Non-cumulative Exchangeable Perpetual Trust Securities issued by PNC Preferred Funding Trust I and PNC Preferred Funding Trust II. They represent a total aggregate liquidation amount of $1,000,000,000.
The redemption price is $100,000 per REIT Preferred Security. The redemption is set to take place on March 15, 2017.
Yes, the previously declared regular first quarter distribution on the REIT Preferred Securities will be paid on March 15, 2017, to holders of record as of March 1, 2017.