Summary
PNC Financial Services Group, Inc. (PNC) has announced the redemption of all outstanding Depositary Shares representing interests in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series R. This redemption, totaling $500 million, is scheduled for December 2, 2024, at a price of $1,000 per Depositary Share. This action is a strategic move that will impact the company's capital structure and preferred stock obligations. Investors holding these specific depositary shares should be aware of the redemption date and the redemption price, which excludes the final regular quarterly dividend that will be paid separately.
Key Highlights
- 1PNC announced the redemption of $500 million in Depositary Shares of its Series R Preferred Stock.
- 2The redemption is set to occur on December 2, 2024.
- 3Each Depositary Share will be redeemed at a price of $1,000.
- 4All 500,000 outstanding Depositary Shares will be redeemed.
- 5The redemption price does not include the final regular quarterly dividend, which will be paid separately on December 2, 2024.
- 6This redemption affects the company's preferred stock and capital structure.