Pittsburgh-based PNC Financial Services Group Inc. is offering $2 billion aggregate principal amount of 2.550% senior notes due Jan. 22, 2030.
The notes were priced to investors at 99.720% of their face amount. The company expects to use the net proceeds from the sale of the notes for general corporate purposes, which may include advances to its subsidiaries to finance their activities, repayment of outstanding indebtedness and repurchases of its common stock.
Interest on the notes will be paid semiannually in arrears on Jan. 22 and July 22 of each year, starting July 22, 2020. The notes may be redeemed in whole or in part on or after the 90th day prior to the maturity date at 100% of their principal amount, plus accrued and unpaid interest thereon to the redemption date.
The trade date of the notes is Jan. 16 and the settlement date is Jan. 22.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC are the joint book-running managers for the offering.