PNC Financial to redeem all depository shares representing interests in Series P stock

Sep. 30, 2022 6:51 AM ETThe PNC Financial Services Group, Inc. (PNC)By: Preeti Singh, SA News Editor1 Comment

PNC bank corporation headquarters in Pittsburgh, USA

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  • PNC Financial (NYSE:PNC) plans to redeem $1.5B of depository shares representing interests in its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P.
  • All 60M depositary shares currently outstanding will be redeemed on Nov 01, 2022 at a price of $25.00/depositary share plus declared and unpaid dividends of $0.43763/depositary share, representing the dividend for the period from Aug. 1, 2022 to, but excluding, Nov. 1, 2022.
  • Each depositary share represents a 1/4,000th interest in a share of the Series P Preferred Stock.

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