U.S. Bancorp Senior Medium-Term Notes, Series CCC Pricing Supplement Summary
Core Information
- Issuer: U.S. Bancorp
- Note Type: Callable Fixed Rate Notes
- Maturity Date: May 8, 2030
- Principal Amount per Note: $1,000
- Aggregate Principal Amount: $10,000,000
- Interest Rate: 5.15% per annum
- Issue Date: May 8, 2025 (Settlement Date)
- Pricing Date: May 6, 2025
Key Terms
- Payment at Maturity: Principal plus accrued and unpaid interest on the Maturity Date, provided the Notes are outstanding and not called.
- Call Feature: U.S. Bancorp may redeem Notes in whole on specified Redemption Dates (February 8, May 8, August 8, and November 8, from May 8, 2026, to February 8, 2030) at 100% of the principal plus accrued and unpaid interest.
- Interest: Paid in arrears on the 8th calendar day of May each year, starting May 8, 2026, using the formula: $1,000 × 5.15% × Day Count Fraction (30/360).
- Interest Periods: From Original Issue Date to the first Interest Payment Date, and each subsequent period between Interest Payment Dates.
- Interest Payment Dates: 8th calendar day of May each year.
- Day Count Fraction: 30/360 Unadjusted.
- Record Date: 15th calendar day preceding each Interest Payment Date.
- Business Day Convention: Any day other than a Saturday, Sunday, legal holiday, or banking closure in New York.
- Redemption Dates: February 8, May 8, August 8, and November 8 each year, from May 8, 2026, to February 8, 2030.
- Calculation Agent: U.S. Bank Trust National Association.
- Ranking: Senior, unsecured.
- Listing: None.
Pricing and Fees
- Price to Public: $1,000 per $1,000 principal amount Note.
- Selling Commissions: Up to $0.50 per $1,000 principal amount Note; may vary.
- Proceeds to Issuer (Before Expenses): $9,995,000.
Additional Information
- Conflicts of Interest: U.S. Bancorp Investments, Inc. (USBI) participates in distribution, with potential conflicts under FINRA Rule 5121, requiring prior customer approval for discretionary account sales.
- Market-Making: Affiliates may act as principal or agent in secondary market transactions at prices related to market prices.
- Risk Factors: Includes call risk, reinvestment risk, credit risk, and potential secondary market limitations.
Conclusion
Investors in these Notes receive a fixed interest rate of 5.15% but face the risk of early redemption by U.S. Bancorp, which may reduce the term and interest payments. The Notes are unsecured and subject to the issuer's credit risk. Secondary market liquidity is expected to be limited, potentially affecting resale prices.
