PNC Planning to Offer $380 Million of Stock
PNC Financial Inc. filed a registration statement for an issue of nine million shares of common stock expected to raise about $380 million.
One-fifth of the shares are ear-marked for sale overseas, with the remaining 7.2 million to be sold in the United States. Goldman, Sachs & Co. will be lead manager of the offering.
Proceeds will be used for general purposes, including possible acquisitions or investments in current and future subsidiaries, the bank said in a statement. The Pittsburgh-based company already has a risk-based capital ratio of 10.16%, well above the 8% minimum required by regulators.
