U.S. Bancorp (USB:
USB 20.54, +0.98, +5.0%) said that it will offer around $2.5 billion of its common stock for sale to the public. Subject to consultation, the firm expects to notify the U.S. Treasury that it intends to repurchase all of its Series E Preferred Stock and the related warrant issued to the U.S. Treasury under the Capital Purchase Plan. If permitted to do so, the firm expects to fund a portion of any such repurchase with the proceeds of this offering. U.S. Bancorp may also, concurrently with this stock offering, offer medium-term notes in a benchmark amount in a public offer. Morgan Stanley and Goldman Sachs are joint bookrunners for the offer. End of Story
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