Rule 424(b)(2)

Registration No. 333-217413

 

CALCULATION OF REGISTRATION FEE

 

 

 

 

 

 

Title of Each Class of Securities Offered

 

Maximum Aggregate Offering Price

 

Amount of Registration Fee(1)

Senior Notes

 

$1,300,000,000

 

$150,670

 

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933.

 



 

PRICING SUPPLEMENT NO. 1 DATED APRIL 24, 2017

TO PROSPECTUS DATED APRIL 21, 2017, AS SUPPLEMENTED BY
PROSPECTUS SUPPLEMENT DATED APRIL 21, 2017, AND
SUPPLEMENTAL TO THE OFFICERS’ CERTIFICATE AND COMPANY ORDER DATED APRIL 21, 2017

U.S. BANCORP
Medium-Term Notes, Series X (Senior)
Medium-Term Notes, Series Y (Subordinated)

 


CUSIP No.:

91159HHR4

 

 

Series:

 

 

 

x     Series X (Senior)

 

¨      Series Y (Subordinated)

 

 

 

Form of Note:

 

 

 

x     Book-Entry

 

¨      Certificated

 

 

 

Principal Amount:

$1,300,000,000

 

 

Trade Date:

April 24, 2017

 

 

Original Issue Date:

April 27, 2017

 

 

Redemption Date

March 27, 2027

 

 

Maturity Date:

April 27, 2027

 

 

Base Rate (and, if applicable, related Interest Periods):

 

x     Fixed Rate Note

 

o      Commercial Paper Note

 

o      Federal Funds Note

 

¨   Federal Funds (Effective) Rate

 

¨   Federal Funds Open Rate

 

¨   Federal Funds Target Rate

 

¨      LIBOR Note

 

¨      EURIBOR Note

 

¨      CDOR Note

 

¨      Prime Rate Note

 

¨      CD Rate Note

 

¨      Treasury Rate Note

 

¨      CMT Rate Note

 

¨   Reuters Page FRBCMT

 

¨   Reuters Page FEDCMT

 

¨  One-Week ¨  One-Month

 

¨      Other Base Rate (as described below)

 

¨      Zero Coupon Note

 

 

 

Agent’s Commission:

$3,315,000

 

Redemption Terms:  Redeemable in whole or in part on or after the Redemption Date at 100% of the principal amount of the notes (par), plus accrued and unpaid interest thereon to the date of redemption. U.S. Bancorp shall provide 10 to 60 calendar days notice of redemption to the registered holder of the note.


Issue Price (Dollar Amount and Percentage of Principal Amount):

 

 

Amount:

$1,299,220,000 / 99.940%

 

 

Proceeds to the Company:

$1,295,905,000

 

 

Interest Rate/Initial Interest Rate:

3.150%

 

 

Interest Payment Dates:

Semiannually, on the 27th of April and October beginning on October 27, 2017

 

 

Regular Record Dates:

15 Calendar Days prior to
each Interest Payment Date

 

 

Interest Determination Dates:

 

 

 

Interest Reset Dates:

 

 

 

Index Source:

 

 

 

Index Maturity:

 

 

 

Spread:

 

 

 

Spread Multiplier:

 

 

 

Maximum Interest Rate:

 

 

 

Day Count:

30/360

 

 

Minimum Interest Rate:

 

 

 

For Original Issue Discount Notes:

 

 

Original Issue Discount %:

 

 

Yield to Maturity:

 

 

Original Issue Discount Notes:

 

o            Subject to special provisions set forth therein with respect to the principal amount thereof payable upon any redemption or acceleration of the maturity thereof.

 

o            For Federal income tax purposes only.

 


 

 

 

 

Price to Public

 

Agents’ Commissions or Discount

 

Proceeds to U.S. Bancorp

 

Per Note

 

99.940%

 

0.255%

 

99.685%

 

Total

 

$1,299,220,000

 

$3,315,000

 

$1,295,905,000

 

 

Agent

 

Principal Amount

 

 

 

 

U.S. Bancorp Investments, Inc.

 

 

$433,334,000

 

 

/s/ John C. Stern

(authorized officer)

Goldman, Sachs & Co.

 

 

$433,333,000

 

 

 

 

Morgan Stanley & Co. LLC

 

 

$433,333,000

 

 

 

 

 

Total

 

 

$1,300,000,000

 

 

/s/ Joseph M. Tessmer

(authorized officer)

 

Delivery Instructions: DTC # 0280



Conflicts of Interest.  The issuer’s affiliate, U.S. Bancorp Investments, Inc., will be participating in sales of the notes.  As such, the offering is being conducted in compliance with the applicable requirements of FINRA Rule 5121.