Given the credit environment under which we were operating during the second half of the year, this is a significant achievement not only for PNC, but especially for our middle market customers who received the funding needed to execute on their business plans.
Pittsburgh, PA (PRWEB) February 5, 2008
PNC earned the No. 1 ranking in the Northeast region as lead arranger of loan syndications for mid-sized companies throughout 2007, according to Loan Pricing Corporation (LPC). PNC also earned the No. 2 ranking as lead arranger nationwide of traditional middle market loan syndications for 2007, second only to Bank of America, based on both number of deals and volume.
A Reuters company, LPC provides news, data and analytics on bank loans based on volume and number of deals. LPC ranked PNC No. 1 based on number of deals in 2007 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.
Across the country, PNC completed 169 deals in 2007 as lead arranger for a total of $11.9 billion. Of those deals, 72 loan syndications were arranged for middle market companies based in the Northeast region, totaling $3.54 billion.
"PNC not only maintained our syndication ranking last year, but recorded a 20 percent increase in loan volume," said Douglas Shaffer, senior managing director and head of PNC's loan syndications group. "Given the credit environment under which we were operating during the second half of the year, this is a significant achievement not only for PNC, but especially for our middle market customers who received the funding needed to execute on their business plans."
In addition to the loan syndication ranking, Harris Williams & Co.,PNC's mergers and acquisition advisory firm focused exclusively on the middle market, was recently honored as Middle Market Investment Bank of the Year by Investment Dealer's Digest.
Harris Williams LLC is a registered broker-dealer and member of the NASD and SIPC. Harris Williams & Co. is the trade name under which Harris Williams LLC conducts its business. PNC is a registered trademark of The PNC Financial Services Group, Inc.
The PNC Financial Services Group, Inc. (NYSE: PNC), is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate, and asset-based lending; wealth management; asset management and global fund services.
For more information, contact Meghan Cole, PNC Corporate Communications, at 412-762-5654.