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U.S. Bank Asset Based Finance Delivers $350 Million Senior Credit Facility to O'Neal Steel

MINNEAPOLIS, Oct 05, 2010 (BUSINESS WIRE) --

U.S. Bank Asset Based Finance has closed a $350 million senior credit facility with O'Neal Steel, the nation's largest family-owned, full-line metal service center based in Birmingham, Alabama. The $350 million four-year, asset based revolver will support O'Neal's working capital and growth needs. U.S. Bank's team delivered a market leading financing solution providing industry expertise to meet the competitive demands of the market.

"We discussed our financing needs with a large number of national and regional lenders. While they all offered similar economics, the U.S. Bank team's culture seemed to be the best fit with O'Neal. They worked hard to develop a structure that was right for us, not just for the banks," said Michael A. Rowland, chief financial officer and executive vice president of O'Neal Steel.

"We are excited to be working with O'Neal Steel in this new partnership," said Sam Philbrick, president of U.S. Bank Asset Based Finance. "It is an honor to be selected as the administrative agent and lead bookrunner by an established industry leader as O'Neal Steel. With our improved capabilities we are happy to be playing an expanded role in the syndicated asset-based loan market. We look forward to a long-term partnership with O'Neal and providing industry expertise, market knowledge, and quality."

About O'Neal Steel

O'Neal Steel is the nation's largest family-owned, full-line metals service center with annual sales of more than $2.3 billion, headquarters in Birmingham, Alabama, and more than 80 locations in North America, Europe and Asia. The O'Neal family of companies known as the Industrial Metals Group includes O'Neal Steel, Leeco Steel, Metalwest and TAD Metals; the High Performance Metals Group includes TW Metals, Aerodyne Alloys, United Performance Metals, and Supply Dynamics. For more information, please visit: www.onealsteel.com.

About U.S. Bank Asset Based Finance

U.S. Bank Asset Based Finance is one of the fastest growing asset based lenders providing financing solutions to middle market and large cap companies in the U.S. and Canada. Financing supports working capital, growth, acquisitions, and turnarounds across a wide spectrum of manufacturers, distributors, service providers and retailers.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB), with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,002 banking offices in 24 states and 5,309 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 Media Relations
Jennifer Wendt, 612-303-0731
jennifer.wendt@usbank.com
or
U.S. Bank Asset Based Finance
Joan Fronske, 415-925-4783
joan.fronske@usbank.com
"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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