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PNC Financial gets needed consents to amend 6.875% notes due 2019
By Marisa Wong
Madison, Wis., Nov. 5 - PNC Financial Services Group, Inc. said that it received the necessary consents to amend its 6.875% subordinated notes due May 15, 2019.
As of 5 p.m. ET on Nov. 4, the expiration time of the consent solicitation, PNC received consents of holders of a majority of the outstanding principal amount of the notes.
The company began soliciting consents on Oct. 22 to terminate the replacement capital covenants relating to the notes.
Holders who delivered and did not revoke their consents prior to the expiration time will receive a consent fee of $5.00 per $1,000 principal amount of notes.
Payment is expected to occur on Nov. 8.
Bank of America Merrill Lynch (888 292-0070 or 980 683-3215) acted as solicitation agent, and D.F. King & Co., Inc. (212 269-5550 or 800 967-7921) was the information agent.
The financial services company is based in Pittsburgh.
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