PNC Bank 2015 Annual Report Download - page 102

Under the 2014 bank note program, PNC Bank may from time to time offer unsecured senior and subordinated notes with maturity
dates more than nine months (in the case of senior notes) and five years or more (in the case of subordinated notes). On May 22,
2015, PNC Bank increased the capacity of this program by $5.0 billion to a maximum aggregate principal amount at any one time
outstanding of $30.0 billion. The $30.0 billion of notes authorized to be issued and outstanding at any one time includes notes
issued by PNC Bank under the 2004 bank note program and those notes PNC Bank has assumed through the acquisition of other
banks, in each case for so long as such notes remain outstanding. The terms of the 2014 bank note program do not affect any of the
bank notes issued prior to January 16, 2014. At December 31, 2015, PNC Bank had $24.1 billion of notes outstanding under this
program of which $17.9 billion was senior bank notes and $6.2 billion was subordinated bank notes. The following table details all
issuances during 2015:
Table 37: PNC Bank Notes Issued During 2015
Issuance Date Amount Description of Issuance
February 6, 2015 $600 million Floating rate senior notes issued to an affiliate with a maturity date of
January 26, 2017. Interest is payable at the 3-month LIBOR rate, reset quarterly,
plus a spread of .30%, on January 26, April 26, July 26 and October 26 of each
year, beginning on April 26, 2015.
February 23, 2015 $750 million Senior notes with a maturity date of February 23, 2025. Interest is payable semi-
annually at a fixed rate of 2.950% on February 23 and August 23 of each year,
beginning on August 23, 2015.
February 23, 2015 $1.0 billion Senior notes with a maturity date of February 23, 2018. Interest is payable semi-
annually at a fixed rate of 1.500% on February 23 and August 23 of each year,
beginning on August 23, 2015.
May 27, 2015 $200 million Floating rate senior notes with a maturity date of May 27, 2021. Interest is
payable at the 3-month LIBOR rate, reset quarterly, plus a spread of .65%, on
February 27, May 27, August 27 and November 27 of each year, beginning on
August 27, 2015.
June 1, 2015 $550 million Floating rate senior notes with a maturity date of June 1, 2018. Interest is
payable at the 3-month LIBOR rate, reset quarterly, plus a spread of .42%, on
March 1, June 1, September 1 and December 1 of each year, beginning on
September 1, 2015.
June 1, 2015 $1.3 billion Senior notes with a maturity date of June 1, 2018. Interest is payable semi-
annually at a fixed rate of 1.600% on June 1 and December 1 of each year,
beginning on December 1, 2015.
June 1, 2015 $750 million Senior notes with a maturity date of June 1, 2020. Interest is payable semi-
annually at a fixed rate of 2.300% on June 1 and December 1 of each year,
beginning on December 1, 2015.
June 1, 2015 $400 million Senior notes with a maturity date of June 1, 2025. Interest is payable semi-
annually at a fixed rate of 3.250% on June 1 and December 1 of each year,
beginning on December 1, 2015.
July 21, 2015 $750 million Senior notes with a maturity date of July 20, 2018. Interest is payable semi-
annually at a fixed rate of 1.850% on January 20 and July 20 of each year,
beginning on January 20, 2016.
July 21, 2015 $750 million Senior notes with a maturity date of July 21, 2020. Interest is payable semi-
annually at a fixed rate of 2.600% on January 21 and July 21 of each year,
beginning on January 21, 2016.
November 3, 2015 $1.0 billion Senior notes with a maturity date of November 5, 2018. Interest is payable semi-
annually at a fixed rate of 1.800% on May 5 and November 5 of each year,
beginning on May 5, 2016.
November 3, 2015 $750 million Senior notes with a maturity date of November 5, 2020. Interest is payable semi-
annually at a fixed rate of 2.450% on May 5 and November 5 of each year,
beginning on May 5, 2016.
84 The PNC Financial Services Group, Inc. – Form 10-K