U.S. Bancorp offers non-cumulative perpetual preferreds, series O

By Rebecca Melvin

Concord, N.H., Feb. 2 – U.S. Bancorp plans to price an offering of series O non-cumulative perpetual preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are non-callable for five years until April 15, 2027, when they may be redeemed in whole or in part at par plus dividends.

Morgan Stanley, U.S. Bancorp Investments Inc., BofA Securities, Goldman Sachs & Co. LLC, RBC Capital Markets, USB Investment Bank and Wells Fargo Securities are joint bookrunners of the issue.

Proceeds are earmarked to fund a portion of the cash portion of the $8 billion purchase price for the acquisition of MUFG Union Bank, NA and for general corporate purposes.

Application is being made to list the $25-par depositary shares on the New York Stock Exchange under the symbol “USB PrS.”

U.S. Bancorp is a Minneapolis-based financial services holding company.

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