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.