WASHINGTON — The U.S. Treasury is set to collect $320 million from its auction of warrants to buy shares of PNC Financial Services Group Inc.
The Treasury on Friday said it sold its 16.89 million warrants for $19.20 each.
The warrant auction, held Thursday, is part of a U.S. effort to minimize losses on a controversial $700 billion financial-sector bailout that started in 2008.
PNC Financial Services received $7.6 billion from the U.S. program, providing taxpayers with dividend payments and warrants in exchange for their financial support.
The PNC warrants have a strike price of $67.33 and expire in 2018.
PNC shares were trading at $66.08, up 2 cents, in recent premarket trading Friday.
