News • 03/09/2023
On February 2, 2022, Loop Capital Markets acted as a co-manager on a $450 million fixed rate reset non-cumulative perpetual preferred stock offering for U.S. Bancorp. The securities are rated Baa1/BBB+/BBB+.
Use of proceeds are earmarked to fund a portion of the cash consideration in connection with the Acquisition of MUFG Union Bank, N.A., for general corporate purposes, and to temporarily invest to reduce short-term indebtedness. After the closing of the Acquisition, U.S. Bancorp will merge Union Bank with and into U.S. Bank National Association, the company’s wholly owned subsidiary.