US Bank 2006 Annual Report Download - page 85

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The table below summarizes the significant terms of the floating-rate convertible senior debentures issued during 2005 and
2006 at $1,000 per debenture:
(Dollars in Millions)
Original Face amount *************** $2,500 $2,000 $2,500
Amount outstanding at
December 31, 2006 ************* $402 $668 $2,500
Issue date ************************ August 17, 2005 December 9, 2005 September 20, 2006
Interest rate (a) ******************** LIBOR LIBOR LIBOR
minus 1.68% minus 1.46% minus 1.75%
Interest rate at December 31, 2006 **** 3.70% 3.89% 3.62%
Callable dates ********************* August 21, 2006, and thereafter December 11, 2006, and thereafter September 20, 2007, and thereafter
Putable dates********************** August 21, 2006, 2007, 2010 and March 11, 2007, June 11, 2007, September 20, 2007, 2008, 2011 and
every five years, thereafter September 11, 2007, December 11, 2007, every five years, thereafter
and 2010, and every five years, thereafter
Conversion rate in shares per $1,000
debenture at December 31, 2006*** 27.8126 27.2409 26.1233
Conversion price per share at
December 31, 2006 ************* $35.95 $36.71 $38.28
Maturity date ********************** August 21, 2035 December 11, 2035 September 20, 2036
(a) The interest rate index represents the three month London Interbank Offered Rate (‘‘LIBOR’’)
During 2006, the Company issued $2.5 billion of fixed-rate The Company’s subsidiary, U.S. Bank National
junior subordinated debentures to three separately formed Association, may issue fixed and floating rate subordinated
wholly-owned trusts for the purpose of issuing Company- notes to provide liquidity and support its capital
obligated mandatorily redeemable preferred securities at requirements. During 2006, subordinated notes of
interest rates ranging from 5.54 percent to 6.60 percent. In $49 million matured and were repaid by the subsidiary.
addition, the Company elected to redeem $1.9 billion of The Company has an arrangement with the Federal
higher cost fixed-rate junior subordinated debentures that Home Loan Bank whereby based on collateral available
had interest payable at rates ranging from 7.25 percent to (residential and commercial mortgages), the Company could
8.32 percent. In connection with the redemption of these have borrowed an additional $21 billion at December 31,
debentures, the Company recognized charges of $33 million 2006.
in 2006. Refer to Note 13, ‘‘Junior Subordinated
Debentures’’ for further information on the nature and
terms of these debentures.
Maturities of long-term debt outstanding at December 31, 2006, were:
Parent
(Dollars in Millions) Company Consolidated
2007 ************************************************************************************************************* $ 1,512 $ 8,337
2008 ************************************************************************************************************* 504 8,547
2009 ************************************************************************************************************* 1,001 1,996
2010 ************************************************************************************************************* 986 3,002
2011 ************************************************************************************************************* 33 2,603
Thereafter ********************************************************************************************************* 7,383 13,117
Total************************************************************************************************************** $11,419 $37,602
U.S. BANCORP 83