MINNEAPOLIS, Jan 27, 2011 (BUSINESS WIRE) --
U.S. Bancorp (NYSE: USB) announced today the successful remarketing of
$676,378,000 aggregate principal amount of 3.442 percent Remarketed
Junior Subordinated Notes, due 2016 (the "Remarketed Notes"). We issued
the Remarketed Notes originally as 5.539 percent Remarketable Junior
Subordinated Notes, due 2042 (the "Junior Subordinated Notes"), to USB
Capital IX, a Delaware statutory trust (the "Trust"), in connection with
the offering of the Trust's 6.189 percent Fixed-to-Floating Rate Normal
Income Trust Securities, liquidation amount $1,000 per security, in
In connection with the remarketing, the interest rate on the Junior
Subordinated Notes was reset to 3.442percent and the stated
maturity shortened to February 1, 2016, along with certain other
changes. The remarketing will settle on February 1, 2011. The net
proceeds from the remarketing will be used to satisfy the obligations of
the Trust under a stock purchase contract agreement, pursuant to which
the Trust is obligated to purchase, and U.S. Bancorp is obligated to
sell, on April 15, 2011, a total of 6,763.78 shares of our Series A
Non-Cumulative Perpetual Preferred Stock, $100,000 liquidation
preference per share.
Deutsche Bank Securities Inc. acted as joint lead remarketing agent and
structuring advisor in connection with the remarketing along with Credit
Suisse Securities (USA) LLC and U.S. Bancorp Investments, Inc. as joint
lead remarketing agents.
U.S. Bancorp has filed a registration statement, including a prospectus,
with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration
statement, the preliminary prospectus supplement, and other documents
U.S. Bancorp has filed with the SEC for more complete information about
U.S. Bancorp and this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, you can request these documents by calling Deutsche Bank
Securities Inc. toll free at 1 (800) 503-4611, Credit Suisse Securities
(USA) LLC toll free at 1 (800) 221-1037 or U.S. Bancorp Investments,
Inc. toll free at 1 (800) 888-4700 (option #3).
This press release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy any
Minneapolis-based U.S. Bancorp, with $308 billion in assets, is the
parent company of U.S. Bank National Association, the 5th largest
commercial bank in the United States. U.S. Bancorp operates 3,031
banking offices in 24 states and 5,310 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 usbank.com.
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 and are based on the information available to, and
assumptions and estimates made by, management as of the date made. 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. Global and domestic economies could fail to recover
from the recent economic downturn or could experience another severe
contraction, which could adversely affect U.S. Bancorp's revenues and
the values of its assets and liabilities. Global financial markets could
experience a recurrence of significant turbulence, which could reduce
the availability of funding to certain financial institutions and lead
to a tightening of credit, a reduction of business activity, and
increased market volatility. Stress in the commercial real estate
markets, as well as a delay or failure of recovery in the residential
real estate markets, could cause additional credit losses and
deterioration in asset values. In addition, U.S. Bancorp's business and
financial performance is likely to be impacted by effects of recently
enacted and future legislation and regulation. U.S. Bancorp's 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 its loan portfolios or in the
value of the collateral securing those loans; deterioration in the value
of securities held in its 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, residual value risk, market risk,
operational risk, interest rate risk and liquidity 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, 2009, on file with the Securities
and Exchange Commission, including the sections entitled "Risk Factors"
and "Corporate Risk Profile" contained in Exhibit 13, 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
U.S. Bancorp undertakes no obligation to update them in light of new
information or future events.
SOURCE: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. Murphy (Analysts), 612-303-0783