U.S. Bancorp to sell $25-par non-cumulative preferreds, series M

By Taylor Fox

New York, Jan. 26 – U.S. Bancorp plans to price an offering of $25-par series M non-cumulative perpetual preferred stock, according to a 424B3 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., BofA Securities, Inc., RBC Capital Markets LLC, UBS Securities LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and TD Securities (USA) LLC are the bookrunners.

Dividends are payable quarterly on Jan. 15, April 15, July 15 and Oct. 15, starting on April 15.

The preferreds are redeemable on or after April 15, 2026 at par. Prior to that, the preferreds are redeemable after a regulatory capital treatment event.

U.S. Bancorp plans to list the preferreds on the New York Stock Exchange under the symbol “USBPrR.”

The company plans to use the proceeds for general corporate purposes, which may include the redemption of depositary shares representing interests in its series I preferred stock.

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

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