Summary
U.S. Bancorp (USB) announced the issuance of $750 million in 2.250% Senior Notes due March 13, 2012. The offering was conducted under a public registration statement and a revised pricing supplement, with the company receiving approximately $748.8 million in net proceeds after underwriting discounts. These notes are notably guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program. This guarantee provides a significant layer of security for investors, potentially enhancing the creditworthiness of the debt in the current economic environment. The issuance is part of the company's ongoing efforts to manage its capital structure and secure funding.
Key Highlights
- 1U.S. Bancorp issued $750 million aggregate principal amount of 2.250% Senior Notes due March 13, 2012.
- 2The notes were issued in a public offering, with net proceeds of approximately $748,785,000 received after underwriting discounts.
- 3A key feature of the issuance is the guarantee provided by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program.
- 4The issuance utilized a Registration Statement on Form S-3 and a Revised Pricing Supplement.
- 5The transaction was facilitated through a Terms Agreement with Morgan Stanley & Co. Incorporated and Wachovia Capital Markets, LLC, acting as representatives for the purchasing agents.
- 6The Senior Notes are governed by an Indenture, supplemented by a Second Supplemental Indenture dated March 13, 2009.