PNC to redeem $750 million of trust preferred securities due 2036

By Tali David

Minneapolis, Oct. 14 - PNC Financial Services Group, Inc. announced in a company release that it plans to redeem $750 million of trust preferred securities issued by National City Capital Trust II on Nov. 15.

The trust preferred securities have a current distribution rate of 6.63% and an original scheduled maturity date of Nov. 15, 2036.

The redemption price will be $25 per trust preferred security plus any accrued and unpaid distributions to the redemption date, according to the release.

The redemption is consistent with the capital plan submitted to the board of governors of the Federal Reserve and will be funded with available cash.

PNC is a Pittsburgh-based bank and holding company.

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