Issuer: |
The PNC Financial Services Group, Inc. | |||
Security: |
Depositary Shares, each representing a 1/10th interest in a share of The PNC Financial Services Group, Inc. Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K | |||
Expected Ratings: |
A3 (Moodys) / A- (S&P) / A (Fitch) | |||
Size: |
$500,000,000 (500,000 Depositary Shares) | |||
Liquidation Preference: |
$10,000 per share of Preferred Stock (equivalent to $1,000 per Depository Share) | |||
Term: |
Perpetual | |||
Dividend
Rate (Non-Cumulative): |
From May 21, 2008 to, but excluding, May 21, 2013, 8.25% and from and including May 21, 2013 Three-Month LIBOR plus 422 basis points | |||
Dividend Payment Dates: |
Beginning November 21, 2008, each May 21 and November 21 until May 21, 2013 and thereafter each August 21, November 21, February 21 and May 21 | |||
Day Count: |
From May 21, 2008 to, but excluding, May 21, 2013, 30/360 and from and including May 21, 2013 Actual/360 | |||
Trade Date: |
May 14, 2008 | |||
Settlement Date: |
May 21, 2008 | |||
Optional Redemption: |
On or after May 21, 2013 (subject to limitations described in the prospectus supplement dated May 14, 2008) | |||
Public Offering Price: |
$1,000 per depositary share | |||
Underwriting Commission: |
1.50% | |||
Net Proceeds to Issuer: |
$492,500,000 | |||
Joint Bookrunners: |
J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated | |||
Co-Manager: |
PNC Capital Markets LLC | |||
CUSIP/ISIN for the
Depositary Shares: |
693475 AJ4/US693475AJ49 |