PNC Financial Corp. announced the sale of $100 million in three-year notes, under a $500 million shelf offering. The notes carry a 6% coupon and were priced at 80 basis points over the three-year treasury benchmark. Salomon, J.P. Morgan Securities, and Lehman Brothers managed the sale.
The banking company also plans to issue shares as part of its plans to acquire CCNB Corp., a banking company in south central Pennyslvania.
As part of the acquisition, PNC will issue 3,909,735 shares to CCNB stockholders, in exchange for their 5,923,842 shares.
In November, PNC issued more than 10 million shares, generating $429 million in net proceeds.
Separately, J.P. Morgan announced plans to hike its quarterly dividend to 54 1/2 cents, from 49 1/2 cents.