PNC Bank 2009 Annual Report Download - page 139

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Effective December 31, 2008, the following Trusts were added as part of the National City acquisition.
Trust Date Formed Description of Capital Securities Redeemable
National City Preferred Capital Trust I January 2008 $500 million due December 10, 2043 at
a fixed rate of 12.00%. The fixed rate
remains in effect until December 10,
2012 at which time the interest rate
resets to 3-month LIBOR plus 861
basis points.
On or after December 10, 2012 at
par. **
National City Capital Trust II November 2006 $750 million due November 15, 2066
at a fixed rate of 6.625%. The fixed
rate remains in effect until November
15, 2036 at which time the securities
pay a floating rate of one-month
LIBOR plus 229 basis points.
On or after November 15, 2011 at
par. ***
National City Capital Trust III May 2007 $500 million due May 25, 2067 at a
fixed rate of 6.625%. The fixed rate
remains in effect until May 25, 2047 at
which time the securities pay a floating
rate of one-month LIBOR plus 212.63
basis points.
On or after May 25, 2012 at par. ***
National City Capital Trust IV August 2007 $518 million due August 30, 2067 at a
fixed rate of 8.00%. The fixed rate
remains in effect until September 15,
2047 at which time the securities pay a
floating rate of one-month LIBOR plus
348.7 basis points.
On or after August 30, 2012 at
par. ***
MAF Bancorp Capital Trust I April 2005 $30 million due June 15, 2035 bearing
an interest rate of 3-month LIBOR plus
175 basis points. The rate in effect at
December 31, 2009 was 2.004%.
On or after June 15, 2010 at par.
MAF Bancorp Capital Trust II August 2005 $35 million due September 15, 2035
bearing an interest rate of 3-month
LIBOR plus 140 basis points. The rate
in effect at December 31, 2009 was
1.654%.
On or after September 15, 2010 at
par.
Fidelity Capital Trust II December 2003 $22 million due January 23, 2034
bearing an interest rate of 3-month
LIBOR plus 285 basis points. The rate
in effect at December 31, 2009 was
3.131%.
On or after January 23, 2009 at par.
Fidelity Capital Trust III October 2004 $30 million due November 23, 2034
bearing an interest rate of 3-month
LIBOR plus 197 basis points. The rate
in effect at December 31, 2009 was
2.237%.
On or after November 23, 2009 at par.
** We may only redeem or repurchase the trust preferred securities of National City Preferred Capital Trust I prior to December 10, 2012, subject to having received proceeds from the
issuance of certain qualified securities and subject to the other terms and conditions set forth in the applicable replacement capital covenant. As of December 31, 2009, the
beneficiaries of this limitation are the holders of our $700 million of 6.875% subordinated notes due 2019. The Trust holds $500 million of 8.729% junior subordinated notes and
3.271% Stock Purchase Contracts issued by PNC.
*** We may only redeem or repurchase the trust preferred securities of, and our junior subordinated notes payable to, National City Capital Trust II, III and IV more than 10 years in
advance of their legal maturity dates, subject to having received proceeds from the issuance of certain qualified securities and subject to the other terms and conditions set forth in the
applicable replacement capital covenant. As of December 31, 2009, the beneficiaries of this limitation are the holders of our $700 million of 6.875% subordinated notes due 2019.
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