PNC Financial Services Group announced that it will redeem $1.75 billion of senior floating‑rate bank notes that were originally due on January 15, 2027. The redemption will be executed on the maturity date, January 15, 2026, and the principal plus accrued interest will be paid through the Depository Trust Company’s facilities.
The package includes $500 million of senior floating‑rate bank notes and $1.25 billion of 4.775 % senior fixed‑rate/floating‑rate notes. By redeeming the notes a year early, PNC can refinance at a lower cost if market rates have fallen, thereby reducing its interest expense and improving its balance‑sheet strength. The move aligns with the bank’s ongoing debt‑management strategy and its recent capital‑strength profile, which reported a Common Equity Tier 1 ratio of 10.6 % in Q3 2025—well above regulatory minimums.
The redemption follows PNC’s acquisition of FirstBank Holding Company on January 5, 2026, which expanded the bank’s footprint in Colorado and Arizona. The early debt repayment is part of a broader post‑acquisition review of PNC’s capital structure, allowing the bank to consolidate its obligations and free up capital for future growth initiatives.
In addition to the debt‑management action, PNC declared a quarterly cash dividend of $1.70 per share, payable in early February 2026. The dividend declaration signals the bank’s continued commitment to shareholder returns while it refines its debt profile.
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