U.S. Bancorp calls $575 million trust preferreds from two series

By Toni Weeks

San Diego, Aug. 9 - U.S. Bancorp has issued a call to redeem $275 million of its 5.75% USB Capital VI trust preferred securities and $300 million of its 5.875% USB Capital VII trust preferred securities on Sept. 8, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds will be redeemed at $25 per security plus accrued distributions.

The USB Capital VI trust preferreds have been callable at any time on or after March 9, 2010, and the USB Capital VII trust preferreds have been callable at any time on or after Aug. 15, 2010.

Following the redemption, the securities will no longer qualify as tier-1 capital for the company.

The redemptions are consistent with the capital plan submitted to the Federal Reserve Board and will be funded by general corporate reserves.

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

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