US Bank 2008 Annual Report Download - page 90

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The table below summarizes the significant terms of floating-rate convertible senior debentures issued during 2007 at $1,000
per debenture:
(Dollars in millions)
Original face amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000
Amount outstanding at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75
Issue date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 6, 2007
Interest rate (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LIBOR minus 1.75%
Interest rate at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96%
Callable dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 6, 2008, and thereafter
Putable dates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 6, 2008, 2009, 2012, 2017 and
every five years, thereafter
Conversion rate in shares per $1,000 debenture at December 31, 2008 . . . . . . . . . . . . . . . . . . 24.4634
Conversion price per share at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40.88
Maturity date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 6, 2037
(a) The interest rate index represents three month London Interbank Offered Rate (“LIBOR”)
During 2007, the Company issued $536 million of fixed-rate
junior subordinated debentures to a separately formed
wholly-owned trust for the purpose of issuing Company-
obligated mandatorily redeemable preferred securities at an
interest rate of 6.30 percent. In addition, the Company
elected to redeem $312 million of floating-rate junior
subordinated debentures. Refer to Note 14, “Junior
Subordinated Debentures” for further information on the
nature and terms of these debentures. There were no such
issuances or redemptions in 2008.
The Company has an arrangement with the Federal
Home Loan Bank whereby the Company could have
borrowed an additional $6.6 billion at December 31, 2008,
based on collateral available (residential and commercial
mortgages).
Maturities of long-term debt outstanding at December 31, 2008, were:
(Dollars in Millions)
Parent
Company Consolidated
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000 $10,455
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,778 6,466
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 2,988
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3,479
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 482
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,034 14,489
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,831 $38,359
88 U.S. BANCORP