PNC Announces Redemption Of REIT Preferred Securities
PITTSBURGH, Feb. 7, 2013
PITTSBURGH, Feb. 7, 2013 /PRNewswire/ --The PNC Financial Services Group,
Inc. (NYSE: PNC) today announced that it has submitted a redemption notice to
the property trustee for redemption on March 15, 2013 of all of the
Fixed-to-Floating Rate Non-cumulative Exchangeable Perpetual Trust Securities
(CUSIP NO. 69349D AA4) of PNC Preferred Funding Trust III (the "REIT
Preferred Securities"), at a redemption price equal to $100,000 per REIT
Preferred Security (the "Redemption Price"), with an aggregate liquidation
amount of $375,000,000 in REIT Preferred Securities outstanding. The
previously declared regular first quarter distribution on the REIT Preferred
Securities is payable on March 15, 2013 to holders of record on March1, 2013.
The REIT Preferred Securities have a current distribution rate of 8.7%
percent. The redemption is consistent with the 2012 capital plan submitted to
the Board of Governors of the Federal Reserve for 2012 and 2013.
The paying agent for the REIT Preferred Securities is Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890.
Payment of the Redemption Price will be made through the facilities of The
Depositary Trust Company.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's
largest diversified financial services organizations providing retail and
business banking; residential mortgage banking; specialized services for
corporations and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset management.
William H. Callihan
SOURCE PNC Financial Services Group
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