PNC Financial to redeem $150 million of 9.875% preferreds in full

By Tali David

Minneapolis, March 19 - PNC Financial Services Group, Inc. plans to redeem all $150 million of depositary shares representing interests in its 9.875% series L fixed-to-floating-rate non-cumulative preferred stock, according to a press release.

Each depositary share represents a 1/4,000th interest in a share of the series L preferred stock.

The depositary shares will be redeemed at $25 each plus dividends of $0.3544406 for the period of Feb. 1 to April 19, the redemption date.

Wilmington Trust Co. is the depositary.

PNC is a Pittsburgh-based bank and holding company.

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