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U.S. Bancorp, 6.00% Fixed/Float Dep Shares Non-Cumul Perp Pfd Stk, Series G
Ticker Symbol: USB-N* CUSIP: 902973817 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/15/2017
Security has been Called for: Saturday, April 15, 2017
March 3, 2017 -- U.S. Bancorp today announced that it has provided notice of its intent to redeem on April 15, 2017, all of its outstanding Series G Non-Cumulative Perpetual Preferred Stock and the corresponding depositary shares, each representing a 1/1,000th interest in a share of the Series G Preferred Stock. The Series G Preferred Stock will be redeemed at a redemption price per share equal to $25,000 (equivalent to $25 per Series G Depositary Share). Because the redemption date is also a dividend payment date, the redemption price does not include any accrued and unpaid dividends. The regular quarterly dividends, in an amount equal to $375.00 per share of Series G Preferred Stock (equivalent to $0.375 per Series G Depositary Share), for the full current quarterly dividend period from and including January 15, 2017, to but excluding April 15, 2017, will be paid separately in the customary manner to holders of record on March 31, 2017. Because April 15, 2017 is not a business day, both the redemption price and the regular quarterly dividends will be paid, separately, on the next succeeding business day, April 17, 2017. All Series G Depositary Shares (NYSE:USB.PrN) are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. Upon redemption, the Series G Preferred Stock and the Series G Depositary Shares will no longer be outstanding and all rights with respect to such stock and depositary shares will cease and terminate, except the right to payment of the redemption price plus accrued and unpaid dividends. Also upon redemption, the Series G Depositary Shares will be delisted from trading on the New York Stock Exchange.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: U.S. Bancorp, 6.00% Fixed/Floating Rate Depositary Shares each representing a 1/1000 interest in a share of the Series G Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 4/15/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.00% per annum ($1.50 per annum or $0.375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 through 4/15/2017 to holders of record on the record date which will be the last day of the month immediately preceding the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). From 4/15/2017 distributions will be paid at a floating rate per annum equal to three-month LIBOR plus a spread of 4.86125%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-33 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (USB)
IPO - 4/17/2012 - 43.40 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: UBDLP Changed: 4/24/2012
Market Value $1.2 Billion
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 800 Nicollet Mall, Minneapolis, MN 55402 |
| Main Phone Number |
651-466-3000 |
| Fax Number |
612-303-0782 |
| Investor Relations
Sean O'Connor
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866-775-9668
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| Toll Free Phone Number |
866-775-9668 |
| CEO - Richard K. Davis |
CFO - Kathleen A. Rogers |
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