February 4, 2010 (FinancialWire) — The PNC Financial Services Group, Inc. (NYSE: PNC) said it has priced a $3 billion offering of 55.6 million shares of its common stock at $54 per share. The underwriters will have a 30-day option to purchase up to an additional 8.3 million shares of common stock from the company to cover over-allotments.

J.P. Morgan Securities (NYSE: JPM) and Morgan Stanley & Co. (NYSE: MS) acted as joint bookrunning managers. The closing is scheduled to occur on or about February 8, 2010.

PNC previously said it had reached an agreement with its banking regulators and the U.S. Treasury permitting it to redeem the $7.6 billion of preferred shares held by the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program. \

The latest common stock offering and a plan to sell PNC Global Investment Servicing, Inc. are part of the agreement. 

Subject to market conditions, PNC plans to offer senior notes in an aggregate amount of $1.5 billion to $2.0 billion. The debt offering is intended to provide additional parent company liquidity in connection with the redemption of the TARP preferred shares, which will follow the debt offering and is anticipated to occur during February 2010.

Pennsylvania-based The PNC Financial Services Group provides retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

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