MINNEAPOLIS--(BUSINESS WIRE)--May. 12, 2009--
U.S. Bancorp (NYSE: USB) announced the pricing of its public offering of
139,000,000 shares of its common stock at $18.00 per share. The net
proceeds to U.S. Bancorp after deducting underwriting discounts and
commissions and estimated offering expenses are expected to be
approximately $2.4 billion.
U.S. Bancorp has granted the underwriters an option to purchase up to an
additional 20,850,000 shares of its common stock to cover
over-allotments, if any.
Additionally, U.S. Bancorp today priced a public offering of $1.0
billion in aggregate principal amount of medium-term notes. The
medium-term notes will not be guaranteed by the FDIC.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are acting as
joint bookrunners for both offerings.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
offer or sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The offering will be made
only by means of a prospectus, copies of which may be obtained from
Morgan Stanley, 180 Varick Street, Second Floor, New York, New York
10014, Attention: Prospectus Department (email: email@example.com)
or from Goldman, Sachs & Co., Attn: Prospectus Department, 85 Broad
Street, New York, NY 10004 or by faxing (212) 902-9316, calling
toll-free (866) 471-2526 or emailing Prospectusfirstname.lastname@example.org.
U.S. Bancorp, with $264 billion in assets, is the parent company of U.S.
Bank, the 6th largest commercial bank in the United States. The company
operates 2,847 banking offices and 5,183 ATMs, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
The following information appears in accordance with the Private
Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about U.S.
Bancorp. Statements that are not historical or current facts, including
statements about beliefs and expectations, are forward-looking
statements. These statements often include the words “may,” “could,”
“would,” “should,” “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “plans,” “targets,” “potentially,” “probably,” “projects,”
“outlook” or similar expressions. These forward-looking statements
cover, among other things, anticipated future revenue and expenses and
the future plans and prospects of U.S. Bancorp. Forward-looking
statements involve inherent risks and uncertainties, and important
factors could cause actual results to differ materially from those
anticipated. A continuation of the recent turbulence in significant
portions of the global financial markets, particularly if it worsens,
could impact our performance, both directly by affecting our revenues
and the value of our assets and liabilities, and indirectly by affecting
our counterparties and the economy generally. Dramatic declines in the
housing market in the past year have resulted in significant write-downs
of asset values by financial institutions. Concerns about the stability
of the financial markets generally have reduced the availability of
funding to certain financial institutions, leading to a tightening of
credit, reduction of business activity, and increased market volatility.
There can be no assurance that any governmental program or legislation
will help to stabilize the U.S. financial system or alleviate the
industry or economic factors that may adversely impact our business. In
addition, our business and financial performance could be impacted as
the financial industry restructures in the current environment, by
increased regulation of financial institutions or other effects of
recently enacted legislation, by changes in the creditworthiness and
performance of our counterparties, and by changes in the competitive
landscape. Our results could also be adversely affected by continued
deterioration in general business and economic conditions; changes in
interest rates; deterioration in the credit quality of our loan
portfolios or in the value of the collateral securing those loans;
deterioration in the value of securities held in our investment
securities portfolio; legal and regulatory developments; increased
competition from both banks and non-banks; changes in customer behavior
and preferences; effects of mergers and acquisitions and related
integration; effects of critical accounting policies and judgments; and
management’s ability to effectively manage credit risk, market risk,
operational risk, legal risk, and regulatory and compliance risk.
For discussion of these and other risks that may cause actual results to
differ from expectations, refer to U.S. Bancorp’s Annual Report on Form
10-K for the year ended December 31, 2008, on file with the Securities
and Exchange Commission, including the sections entitled “Risk Factors”
and “Corporate Risk Profile,” and all subsequent filings with the
Securities and Exchange Commission under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934. Forward-looking statements
speak only as of the date they are made, and the Company undertakes no
obligation to update them in light of new information or future events.
Source: U.S. Bancorp
Steve Dale, Media, 612-303-0784
Murphy, Analysts, 612-303-0783