Summary
PNC Financial Services Group, Inc. (PNC) announced on September 30, 2022, its intention to redeem all outstanding Depositary Shares representing interests in its Series P Preferred Stock. This redemption, totaling $1.5 billion, is scheduled for November 1, 2022. The redemption price will be $25.00 per Depositary Share, plus any accrued and unpaid dividends for the period up to the redemption date. This action indicates a strategic move by PNC to manage its capital structure. Investors holding these Depositary Shares should expect to receive their principal amount plus accrued dividends, effectively ending their investment in this specific series of preferred stock. The company has outlined the redemption process through the Depository Trust Company (DTC), ensuring a clear payment mechanism.
Key Highlights
- 1PNC is redeeming $1.5 billion of Depositary Shares related to its Series P Preferred Stock.
- 2The redemption date is set for November 1, 2022.
- 3The redemption price is $25.00 per Depositary Share.
- 4Accrued and unpaid dividends up to November 1, 2022, will also be paid to shareholders.
- 5All 60,000,000 outstanding Depositary Shares are included in the redemption.
- 6The redemption process will be managed through the Depository Trust Company (DTC).