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USB Capital XII, 6.30% Trust Preferred Securities
Ticker Symbol: USB-K* CUSIP: 903305209 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/18/2012
Security has been Called for: Friday, May 18, 2012
April 18, 2012, U.S. Bancorp submitted redemption notices to the property trustee for each trust listed below, which will result in the redemption of the trust preferred securities identified below on the redemption date specified for each security. The trust preferred securities will be redeemed at the redemption price of $25 per trust preferred security plus accrued and unpaid distributions through the redemption date. The USB Capital XI trust preferred securities have been callable at any time on or after September 15, 2011, and the USB Capital XII trust preferred securities have been callable at any time on or after February 15, 2012. Under applicable regulatory capital guidelines issued by bank regulatory agencies, upon notice of redemption, these trust preferred securities will no longer qualify as Tier 1 capital for the Company. These redemptions are consistent with the capital plan the Company submitted to the Federal Reserve Board, and will be funded in part by proceeds from the public offering of depositary shares representing an interest in the Company’s Series G Non-Cumulative Perpetual Preferred Stock, which offering commenced on April 17, 2012.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: USB Capital Trust XII, 6.30% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by U.S. Bancorp (NYSE: USB) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 2/15/2012 at $25 per share plus accrued and unpaid dividends, and maturing 2/15/2067. Cumulative distributions of 6.30% ($1.575) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in global security form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date) and up to 10 years subject to the alternate payment mechanism (see page S-4 of the prospectus for details). The trust's assets consist of the 6.30% Income Capital Notes (ICONS) due 2/15/2067 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (USB)
IPO - 1/26/2007 - 20.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: USBJP Changed: 2/27/2007
Market Value $500.0 Million
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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
Judith T. Murphy
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612-303-0783
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| Toll Free Phone Number |
866-775-9668 |
| CEO - Richard K. Davis |
CFO - Andrew Cecere |
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