Business Context and Reporting Period
Company: U.S. Bancorp
Filing Type: Form 8-K (Current Report)
Date of Report: January 30, 2015
Event: Designation of covered debt under replacement capital covenants associated with Series A, Series G, and Series H Non-Cumulative Perpetual Preferred Stock.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, or liquidity ratios. The document is a legal notice regarding debt covenant administration.
Material Changes
The Company has updated the designation of "covered debt" under its Replacement Capital Covenants:
- Previous Covered Debt: 2.20% Medium-Term Notes, Series T, due 2016 (CUSIP No. 91159HHB9).
- New Covered Debt: 1.95% Medium-Term Notes, Series T, due 2018 (CUSIP No. 91159HHE3).
- Scope: This change applies to covenants linked to the issuance of Series A (2010), Series G (2012), and Series H (2013) Preferred Stock.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of risks. It strictly serves to comply with the terms of the Replacement Capital Covenants by formally designating the new covered debt instrument. The covenants and related amendments are filed as exhibits.
Investor Verification Checklist
- Verify the terms of the 1.95% Medium-Term Notes, Series T, due 2018, to understand the new covered debt obligations.
- Review the Replacement Capital Covenants (Exhibits 99.1 through 99.4) to confirm the specific requirements triggered by this designation.
- Confirm the status of the previously designated 2.20% Medium-Term Notes, Series T, due 2016, to ensure they are no longer subject to these specific covenants.