PHILADELPHIA, March 1, 2010 – PNC announced today the issuance of $15.8 million of charter school tax-exempt bonds through the Isaac Newton Foundation for the Math, Science and Technology Community Charter School (MaST) in Northeast Philadelphia. The school will use the proceeds to fund a new library media center, as well as for debt consolidation.
"The Math, Science and Technology Community Charter School is a highly regarded charter school in Pennsylvania, as measured by academic achievement, corporate governance and finances," said Greg McKenna, director, PNC Capital Markets. "We were able to achieve success for this customer because they had a great story to tell, and that allowed us to attract strong demand for their bonds from our institutional investor base, which in turn delivered a better interest rate."
PNC is an active participant in issuing tax-exempt bonds for charter school borrowers. Since 2007, PNC has issued $137.5 million in charter school tax-exempt bonds.
PNC Capital Markets LLC, a member of The PNC Financial Services Group, Inc, (NYSE: PNC) is registered with FINRA and is a member of SIPC.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing 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.
CONTACT:
Tim Rice
(412) 762-8033
timothy.rice@pnc.com
SOURCE: The PNC Financial Services Group, Inc.
Web site: http://www.pnc.com
