Summary
U.S. Bancorp (USB) announced on July 29, 2019, the successful issuance of $1.25 billion in 2.400% Medium-Term Notes, Series X (Senior) maturing in July 2024, and $1.0 billion in 3.000% Medium-Term Notes, Series Y (Subordinated) maturing in July 2029. This debt issuance, totaling $2.25 billion, was registered under the Securities Act of 1933, leveraging a previously filed Form S-3 registration statement. The primary purpose of this filing is to report on this significant debt offering. The inclusion of the legal opinion from Mayer Brown LLP as an exhibit (Exhibit 5.1) confirms the legality and proper structuring of these notes. This event demonstrates U.S. Bancorp's ongoing access to capital markets and its strategy to manage its debt profile and funding needs.
Key Highlights
- 1U.S. Bancorp issued $1.25 billion in Senior Medium-Term Notes (Series X) due 2024 at a 2.400% interest rate.
- 2U.S. Bancorp issued $1.0 billion in Subordinated Medium-Term Notes (Series Y) due 2029 at a 3.000% interest rate.
- 3The total aggregate principal amount of the notes issued is $2.25 billion.
- 4The issuance was conducted under a previously filed Form S-3 registration statement.
- 5The filing includes the legal opinion from Mayer Brown LLP regarding the legality of the Notes as Exhibit 5.1.
- 6This action indicates active capital markets engagement by U.S. Bancorp for funding purposes.