Pittsburgh (PRWEB) January 25, 2007
PNC earned the No. 1 ranking in the Northeast region as lead arranger of loan syndications for mid-sized companies throughout 2006, according to Loan Pricing Corporation (LPC). PNC (http://www.pnc.com) also earned the No. 2 ranking as lead arranger nationwide of traditional middle market loan syndications for 2006, second only to Bank of America.
PNC completed 120 deals nationwide for a total of $3.9 billion in 2006. Of those deals, 55 loan syndications were arranged for middle market companies based in the Northeast region, totaling $2.3 billion.
A Reuters company, LPC provides news, data and analytics on bank loans based on volume and number of deals. LPC ranked PNC first based on number of deals for traditional middle-market loan syndications in LPC's Northeast region, which is comprised of Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
"While merger and acquisition activity continues to be robust, the credit environment last year was challenged by weaker structures and lower returns," said Douglas Shaffer, senior managing director of debt capital markets for PNC. "This No. 1 ranking for syndications reflects PNC's commitment to supporting the business goals of our middle market customers throughout the business cycle."
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business 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.