PNC said in a press release dated on October 30, 2024 that it will redeem the Depositary Shares $500,000,000 on December 2, 2024, representing interests in its Series R Preferred Stock.

8-KOther EventsFiled Oct 30, 2024Period of report Oct 30, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

PNC said in a press release dated on October 30, 2024 that it will redeem the Depositary Shares $500,000,000 on December 2, 2024, representing interests in its Series R Preferred Stock.
The company said it will redeem all 500,000 Depositary Shares currently outstanding at a redemption price of $1,000 per Depositary Share. Each Depositary Share represents a 1/100th interest in a share of Series R Preferred Stock, which equals 1 shares.
The company said the redemption price does not include the regular quarterly dividend on the Depositary Shares, which it separately declared and will pay separately on December 2, 2024 to holders of record on the record date for that payment.
The company said the Depositary Shares are held through the Depository Trust Company (DTC) and will be redeemed under DTC procedures, with Computershare Trust Company, N.A., the Depositary, making payment to DTC under the Deposit Agreement.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

PNC Announces Redemption of Series R Preferred Depositary Shares

PNC said in a press release dated on October 30, 2024 that it will redeem the Depositary Shares $500,000,000 on December 2, 2024, representing interests in its Series R Preferred Stock.

Source · Based on the filing body and exhibits

Number of Depositary Shares and Redemption Price

The company said it will redeem all 500,000 Depositary Shares currently outstanding at a redemption price of $1,000 per Depositary Share. Each Depositary Share represents a 1/100th interest in a share of Series R Preferred Stock, which equals 1 shares.

Source · Based on the filing body and exhibits

Regular Quarterly Dividend Paid Separately From Redemption Price

The company said the redemption price does not include the regular quarterly dividend on the Depositary Shares, which it separately declared and will pay separately on December 2, 2024 to holders of record on the record date for that payment.

Source · Based on the filing body and exhibits

Redemption Payment Process Under DTC Procedures

The company said the Depositary Shares are held through the Depository Trust Company (DTC) and will be redeemed under DTC procedures, with Computershare Trust Company, N.A., the Depositary, making payment to DTC under the Deposit Agreement.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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