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USB Capital VIII, 6.35% Trust Preferred Securities
Ticker Symbol: USB-G* CUSIP: 903307205 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/22/2012
Security has been Called for: Wednesday, February 22, 2012
From the 8-K submitted to the SEC on 1/23/2012 -- On January 23, 2012, the Company 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 VIII trust preferred securities have been callable at any time on or after December 29, 2010, and the USB Capital X trust preferred securities have been callable at any time on or after April 12, 2011. 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 by proceeds from the sale of Depositary Shares described above.
Trust Security Principal Amount CUSIP Redemption Date
USB Capital VIII 6.35% Trust Preferred Securities $ 375,000,000 903307205 February 22, 2012
USB Capital X 6.50% Trust Preferred Securities $ 500,000,000 91731L207 February 22, 2012
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QUANTUMONLINE.COM SECURITY DESCRIPTION: USB Capital Trust VII, 6.35% 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 12/29/2010 at $25 per share plus accrued and unpaid dividends, and maturing 12/29/2065. Cumulative distributions of 6.35% ($1.5875) per annum are paid quarterly on 3/29, 6/29, 9/29 & 12/29 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). The trust's assets consist of the 6.35% Junior Subordinated Deferrable Interest Debentures due 12/29/2065 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 - 12/27/2005 - 15.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: UCPEJ Changed: 1/23/2006
Market Value $375.0 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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