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U.S. Bank Selected as Trustee for Louisville Water Company's 2009 Bond Issue
LOUISVILLE, Ky. & MINNEAPOLIS, Dec 23, 2009 (BUSINESS WIRE) -- U.S. Bank has been named trustee on the $202.9 million Louisville Water Company Water System Series 2009 Bonds. These bonds include Series 2009A issue of $116.2 million revenue and refunding tax exempt bonds, and Series 2009B issue of $86.7 million of new money. The Series 2009B is issued as taxable Build America Bonds.

Proceeds form the 2009 bond issue will fund Louisville Water Company's (LWC) capital program through 2012, including upgrades to the Crescent Hill Water Treatment Plant, construction of new transmission pipelines along Interstates 64 and 65, and completion of the riverbank filtration project at the B.E. Payne Plant in Louisville, Kentucky.

U.S. Bank National Association has been the bond trustee for Louisville Water Company bond issues since 1992. "U.S. Bank is one of the leading corporate trust service providers in the country and this is another great opportunity to put our expertise to work for the benefit of the Louisville business community," said David Wombwell, market president for U.S. Bank in Louisville. "We appreciate Louisville Water Company's leadership in this critical infrastructure project and their continued confidence in us as their service provider."

"We were excited to have such interest in the sale and pleased to work again with U.S. Bank," said Amber Halloran, vice president and chief financial officer for LWC. "We are regarded as a leader in water quality and infrastructure. The bond issue will begin a series of projects that are key for our future operations."

LWC,a publicly owned and privately operated for-profit utility, provides water to more than 800,000 people in Louisville Metro and parts of Oldham and Bullitt Counties, Kentucky. The Company also sells water on a wholesale basis to utility customers that purchase water for resale to nearly 50,000 people in Spencer, Nelson, Bullitt and Shelby Counties, Kentucky. Standard & Poor's (S&P) upgraded LWC from a AA+ to a AAA rating, citing LWC's strong financial operations, large and diverse service area and its comprehensive capital planning. According to S&P, the AAA rating places LWC in the top eight percent of the 900 water and sewer utilities it rates. In addition to the S&P rating, Moody's Investor Services gave LWC a rating of Aa1, its second highest rating.

U.S. Bank has 47 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.

U.S. Bancorp (NYSE: USB), with $265 billion in assets as of Sept. 30, 2009, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States. The company operates 3,002 banking offices in 25 states and 5,170 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bank

U.S. Bank
Amy Frantti, Media Relations, 612-303-0733
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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