secwatch.observer — SEC 8-K summary
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Issuer:     PNC FINANCIAL SERVICES GROUP, INC. (PNC)
CIK:        0000713676
Form:       8-K
Filed at:   2023-02-07T23:59:59+00:00
Accession:  0000713676-23-000015
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PNC closes $1.5B issuance of 6.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series W
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- Issued 1,500,000 depositary shares (each representing 1/100th interest in Series W) at $1,000 per share, raising $1.5B.
- Dividend rate fixed at 6.250% through March 15, 2030, then resets to 7-yr UST + 2.808% quarterly thereafter.
- Series W preferred stock has liquidation preference of $100,000 per share; non-cumulative; no maturity; redeemable at PNC's option on or after first reset date.
- Offering closed Feb 7, 2023; underwriters included BofA, Citigroup, J.P. Morgan, Morgan Stanley, and PNC Capital Markets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/713676/000071367623000015/0000713676-23-000015-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/713676/000071367623000015/pnc-20230202.htm
  HTML page:      https://secwatch.observer/filing/0000713676-23-000015

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer