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| PNC > SEC Filings for PNC > Form 8-K on 28-Jun-2012 | All Recent SEC Filings |
28-Jun-2012
Other Events, Financial Statements and Exhibits
On June 28, 2012, The PNC Financial Services Group, Inc. issued a press release announcing that it submitted a redemption notice to the property trustee for redemption on July 30, 2012 of all of the outstanding of the following trust preferred securities: a) $450,000,000 of trust preferred securities issued by PNC Capital Trust E (NYSE: PNH) (CUSIP 69350S 208) (the "PNC E TPS") and b) $517,500,000 of enhanced trust preferred securities issued by the National City Capital Trust IV (NYSE:NCCPRC) (CUSIP 63540U207) (the "NCCT IV TPS" and together with the PNC E TPS, the "Trust Preferred Securities").
The PNC E TPS have a current distribution rate of 7.750 percent and a scheduled redemption date of March 15, 2038. The NCCT IV TPS have a current distribution rate of 8.000 percent and a scheduled maturity date of September 15, 2047. In each case, the redemption price will be $25 per security, which reflects 100% of the liquidation amount, plus accrued and unpaid distributions to the redemption date. The redemptions will be funded with available cash.
Pursuant to the terms of the Trust Preferred Securities, PNC may redeem these Trust Preferred Securities within ninety (90) days of a "Capital Treatment Event" or "Regulatory Capital Event" (as defined in the documents governing these securities), as the case may be. PNC has determined that a Capital Treatment Event or Regulatory Capital Event, as the case may be, occurred upon approval by the Board of Governors of the Federal Reserve System on June 7, 2012 of a joint notice of proposed rulemaking with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency addressing, among other matters, Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and providing detailed information regarding the cessation of Tier 1 capital treatment for outstanding trust preferred securities.
As a result of these redemptions and assuming the redemption of other trust preferred securities redeemable at par in the fourth quarter of 2012, PNC expects its total second half noncash charges to be $162 million rather than $150 million, as disclosed in PNC's first quarter 2012 Form 10-Q.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
(d) Exhibits. The exhibit listed on the Exhibit Index accompanying this Form 8-K is filed herewith.
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