This excerpt taken from the PNC 8-K filed Oct 24, 2008.
PNC to Participate in TARP Capital Purchase Program
Also on October 24, 2008, PNC announced it will participate in the U.S. Department of the Treasurys TARP Capital Purchase Program. PNC plans to issue to the U.S. Treasury $7.7 billion of preferred stock and related warrants to purchase shares of common stock of PNC in accordance with the terms of the TARP Capital Purchase Program, subject to standard closing conditions. A portion of the $7.7 billion amount assumes the consummation of the acquisition of National City. Funds from this sale will count as Tier 1 capital. The U.S. Treasurys term sheet describing the TARP Capital Purchase Program is available on the U.S. Treasurys website at http://www.ustreas.gov.
(d) Exhibits. The exhibits listed on the Exhibit Index accompanying this Form 8-K are filed herewith.
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