Proceeds from PNC's Green Bond issuances will be
used to finance or re-finance Eligible Green Projects that promote
a transition to a low-carbon economy and offer environmentally
sustainable benefits.
PITTSBURGH, Jan. 25,
2023 /PRNewswire/ -- The PNC Financial Services
Group, Inc. (NYSE: PNC) announced today the closing of its latest
Green Bond issuance. The proceeds will fund eligible projects that
promote a transition to a low-carbon economy and offer
sustainability benefits across four categories aligned with the
United Nations Sustainable Development Goals, including renewable
energy, energy efficiency green buildings, and clean
transportation. PNC issued its inaugural green bond in 2019 and
its first social bond in 2021.
"We are committed to supporting the transition to a low carbon
economy while balancing financial priorities and environmental
considerations," said Michael P.
Lyons, executive vice president and head of PNC's Corporate
& Institutional Banking. "This green bond issuance builds on
existing initiatives already underway, including our recently
enhanced $30 billion environmental
finance commitment, which we increased by 50% in response to
escalating client demand. We're looking forward to building on
this momentum and supporting our clients as they consider financing
options for their sustainability goals."
The transaction was very well received by investors, with demand
well in excess of the $1.25 billion
in issued notes. The four-year bond, which is callable in three
years, will pay interest semi-annually at a fixed rate of 4.758%
for the first three years and quarterly at a floating rate
thereafter. PNC Capital Markets, LLC was the lead green structuring
agent on the deal which also included two veteran, minority or
women-owned broker dealers as co-managers – Academy Securities,
Inc. and Siebert Williams Shank
& Co., LLC.
"We were very pleased with the reception of our latest green
bond offering. Our significantly oversubscribed issuance
demonstrated investor enthusiasm for this asset class and a desire
to support the financing of green projects that promote a
transition to a lower carbon economy, while also affirming investor
confidence in PNC and its credit quality," said PNC Corporate
Treasurer David Kahn.
Providing financing and underwriting debt with a sustainability
focus is only one way PNC demonstrates its commitment to
environmental stewardship. In addition, the company maintains risk
management controls which incorporate climate change
considerations, manages capital for its clients in ways that
support their financial, environmental and social goals and
actively manages its own internal operations.
Along with its increased environmental finance commitment, PNC
also recently announced that it is planning to establish new,
ambitious, science-aligned environmental targets for its
operational footprint, including further reducing carbon emissions,
and energy and water consumption. These new targets will use a base
year of 2022 – the first full year of combined PNC and
BBVA USA operations – and will be announced as part of
PNC's Corporate Responsibility Report to be published this
year.
More information about PNC's Sustainable Financing Bonds can be
found here.
This offering has been completed and was made only by means of a
prospectus supplement and an accompanying prospectus filed as part
of an effective shelf registration statement filed with the
Securities and Exchange Commission on Form S-3.
Copies of the prospectus supplement and the accompanying
prospectus relating to this offering may be obtained for
informational purposes by calling PNC Capital Markets LLC at
1-855-881-0697.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Kristen Pillitteri
(412)
762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.