8-KOther EventsExhibits & Filings

US BANCORP \DE\ 8-K Report, Corporate Update (Jan 30, 2015)

Filed January 30, 2015For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

This U.S. Bancorp (USB) Form 8-K filing from January 30, 2015, is primarily a procedural update regarding its "Replacement Capital Covenants." The company is announcing a change in the "covered debt" designated under these covenants, which are linked to various series of its preferred stock. Specifically, the 2.20% Medium-Term Notes, Series T, due 2016, are no longer the covered debt. Instead, the 1.95% Medium-Term Notes, Series T, due 2018, have been designated as the covered debt for the Series A, Series G, and Series H Non-Cumulative Perpetual Preferred Stock. This action is taken in accordance with the terms of the existing Replacement Capital Covenants. Investors should note that this filing does not contain new financial performance data or significant strategic announcements, but rather clarifies existing debt obligations related to preferred stock issuances.

Key Highlights

  • 1U.S. Bancorp is formally updating its "Replacement Capital Covenants" as required by those agreements.
  • 2The company is changing the specific debt instrument designated as "covered debt" under these covenants.
  • 3The 2.20% Medium-Term Notes, Series T, due 2016, are no longer considered the covered debt.
  • 4The 1.95% Medium-Term Notes, Series T, due 2018, have been designated as the new covered debt.
  • 5This change impacts the Series A, Series G, and Series H Non-Cumulative Perpetual Preferred Stock.
  • 6The filing is procedural and provides notice of this covenant update, without new financial results or strategic business changes.
  • 7References are made to previous filings (Form 10-K and prior 8-Ks) for detailed terms of the covenants.

Frequently Asked Questions

The main purpose of this Form 8-K is to formally announce that U.S. Bancorp is designating new "covered debt" under its existing "Replacement Capital Covenants," as required by the terms of those agreements.

The 2.20% Medium-Term Notes, Series T, due 2016, which were previously the covered debt, are being replaced. The new covered debt is the 1.95% Medium-Term Notes, Series T, due 2018.

This change in covered debt designation affects the Series A Non-Cumulative Perpetual Preferred Stock, the Series G Non-Cumulative Perpetual Preferred Stock, and the Series H Non-Cumulative Perpetual Preferred Stock.

No, this filing is purely procedural. It notifies investors of a change in debt designation related to existing covenants and does not contain new financial results, operational updates, or strategic business announcements.