New Issue-PNC Finl sells $500 mln perpetual preferreds
May 14 (Reuters) - The PNC Financial Services Group Inc (PNC.N: Quote, Profile, Research, Stock Buzz), a diversified financial services company, sold on Wednesday $500 million of perpetual non-cumulative preferreds, said market sources.
JP Morgan and Merrill Lynch were the joint bookrunning managers for the sale. BORROWER: THE PNC FINANCIAL SERVICES GROUP INC AMT $500 MLN COUPON 8.25 PCT* MATURITY PERPETUAL TYPE PERP PFD ISS PRICE 100 FIRST PAY 11/21/2008 MOODY'S A3 YIELD N/A SETTLEMENT 5/21/2008 S&P A-MINUS SPREAD N/A PAY FREQ SEMI-ANNUAL FITCH SINGLE-A NON-CALLABLE 5-YEARS* * FIXED UNTIL 2013. IF NOT CALLED, FLOATS/RESETS QUARTERLY
AT 3-MONTH LIBOR PLUS 422 BPS.
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