Summary
U.S. Bancorp (USB) announced on September 19, 2024, the agreement to issue $10 million in Senior Medium-Term Notes, Series CC Callable Fixed Rate Notes due September 20, 2029. This issuance is part of the Company's existing medium-term note program, which allows for the sale of both Senior (Series CC) and Subordinated (Series DD) Notes. The Notes due 2029 have been registered under the Securities Act of 1933 via a Form S-3 registration statement. The filing also includes an accompanying legal opinion from Willkie, Farr & Gallagher LLP regarding the issuance of these notes and potential future issuances under the program, providing assurance on the legal standing of the debt offering.
Key Highlights
- 1U.S. Bancorp is issuing $10 million in Senior Medium-Term Notes.
- 2The notes are due to mature on September 20, 2029.
- 3This issuance falls under the Company's established medium-term note program.
- 4The program includes provisions for both Senior (Series CC) and Subordinated (Series DD) Notes.
- 5The offering is registered under the Securities Act of 1933.
- 6A legal opinion from Willkie, Farr & Gallagher LLP has been filed as an exhibit.
Frequently Asked Questions
This 8-K filing serves to announce U.S. Bancorp's agreement to issue $10 million of Senior Medium-Term Notes, Series CC Callable Fixed Rate Notes due September 20, 2029, and to provide associated legal documentation.
Senior Medium-Term Notes are a type of unsecured debt instrument issued by a corporation, which ranks higher in priority than subordinated debt in the event of bankruptcy or liquidation. They are typically used by companies to raise capital for various corporate purposes.
No, this issuance is under an existing medium-term note program that allows U.S. Bancorp to issue both Senior (Series CC) and Subordinated (Series DD) Notes from time to time.
The legal opinion from Willkie, Farr & Gallagher LLP indicates that the issuance of these notes, and potentially future notes under the program, has been reviewed and is legally sound, offering investors confidence in the validity and enforceability of the debt instruments.