A US-based banking and financial services company. In 2019, it announced that it would stop financing private prison company CoreCivic, but its current involvement cannot be verified.
PNC Financial Services Group, Inc. is a banking and financial services company headquartered in Pittsburgh. PNC Financial conducts banking operations through its principal subsidiary, PNC Bank. It used to be one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit, term loans, and bond underwriting services to CoreCivic. In 2019, it announced, along with several other major financial institutions, that it would exit the private prison industry.
In 2022, CoreCivic signed a new credit agreement, replacing a 2018 $1 billion credit facility. PNC Bank was part of the 2018 agreement, having provided a $112 million revolving line of credit and a $28 million term loan. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, it cannot be verified whether PNC Bank is still involved.
The bank's known past involvement includes:
- In April 2013, CoreCivic issued two sets of bonds—one set totaling $325 million, with a maturity date of 2020, and the other set totaling $350 million, with a maturity date of 2023. As part of a syndicate of banks, PNC Bank underwrote undisclosed proportions of these bonds.
- In September 2015, CoreCivic issued $250 million of bonds, with a maturity date of 2022. As part of a syndicate of banks, PNC Bank underwrote $24.4 million worth of these bonds.
- In October 2017, CoreCivic issued $250 million of bonds, with a maturity date of 2027. As part of a syndicate of banks, PNC Bank underwrote an undisclosed proportion of these bonds.