US Bank 2004 Annual Report Download - page 88
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Please find page 88 of the 2004 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Long-Term Debt
Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:
(Dollars in Millions) 2004 2003
U.S. Bancorp (Parent Company)
Fixed-rate subordinated notes
8.00% due 2004 ************************************************************************************** $— $73
7.625% due 2005 ************************************************************************************* 120 120
6.75% due 2005 ************************************************************************************** 186 191
6.875% due 2007 ************************************************************************************* 220 220
7.30% due 2007 ************************************************************************************** 171 200
7.50% due 2026 ************************************************************************************** 200 200
Medium-term notes *************************************************************************************** 3,225 4,025
Junior subordinated debentures***************************************************************************** 2,669 2,601
Capitalized lease obligations, mortgage indebtedness and other ************************************************* 108 171
Subtotal******************************************************************************************* 6,899 7,801
Subsidiaries
Fixed-rate subordinated notes
6.375% due 2004 ************************************************************************************* —75
6.375% due 2004 ************************************************************************************* — 150
7.55% due 2004 ************************************************************************************** — 100
8.35% due 2004 ************************************************************************************** — 100
7.30% due 2005 ************************************************************************************** 100 100
6.875% due 2006 ************************************************************************************* 70 70
6.625% due 2006 ************************************************************************************* 100 100
6.50% due 2008 ************************************************************************************** 300 300
6.30% due 2008 ************************************************************************************** 300 300
5.70% due 2008 ************************************************************************************** 400 400
7.125% due 2009 ************************************************************************************* 500 500
7.80% due 2010 ************************************************************************************** 300 300
6.375% due 2011 ************************************************************************************* 1,500 1,500
6.30% due 2014 ************************************************************************************** 963 1,000
4.95% due 2014 ************************************************************************************** 650 —
4.80% due 2015 ************************************************************************************** 500 500
Floating-rate subordinated notes
2.34% due 2014 ************************************************************************************** 350 —
Federal Home Loan Bank advances ************************************************************************* 3,629 8,595
Bank notes ********************************************************************************************** 17,624 10,870
Euro medium-term notes due 2004 ************************************************************************* — 400
Capitalized lease obligations, mortgage indebtedness and other ************************************************* 554 655
Subtotal******************************************************************************************* 27,840 26,015
Total ********************************************************************************************** $34,739 $33,816
In April 2003, the Company’s subsidiary U.S. Bank ranging from 2.63 percent to 5.10 percent. The weighted-
National Association (‘‘USBNA’’) issued $500 million of average interest rate of MTNs at December 31, 2004, was
fixed-rate subordinated notes due April 15, 2015. The 3.51 percent.
interest rate is 4.80 percent, per annum. In October of Federal Home Loan Bank (‘‘FHLB’’) advances
2004, USBNA issued floating-rate subordinated notes of outstanding at December 31, 2004, mature from February
$350 million, due October 14, 2014. These notes bear 2005 through October 2026. The advances bear fixed or
floating-rate interest of three-month LIBOR plus floating interest rates ranging from .50 percent to
.28 percent. The interest rate at December 31, 2004 was 8.25 percent. The Company has an arrangement with the
2.34 percent. In October of 2004, USBNA also issued FHLB whereby based on collateral available (residential and
$650 million of fixed-rate subordinated notes due commercial mortgages), the Company could have borrowed
October 30, 2014. The interest rate is 4.95 percent, per an additional $19.3 billion at December 31, 2004. The
annum. weighted-average interest rate of FHLB advances at
Medium-term notes (‘‘MTNs’’) outstanding at December 31, 2004, was 2.64 percent. The Euro medium-
December 31, 2004, mature from March 2005 through term notes matured on April 13, 2004.
March 2008. The MTNs bear fixed or floating interest rates
86 U.S. BANCORP
Note 15