U.s. bancorp announces plan to transition outstanding u.s. bancorp-issued u.s. dollar libor-linked securities to term sofr as replacement reference rate after june 30, 2023

Minneapolis--(business wire)--u.s. bancorp (nyse: usb) announced today that, after june 30, 2023, 3-month cme term sofr, as administered by cme group benchmark administration, ltd. (or any successor administrator) plus the relevant tenor spread adjustment (“3-month term sofr”) will be the replacement reference rate for certain outstanding floating rate or fixed-to-floating rate debt securities, preferred stock represented by depositary shares, income trust securities, and preferred stock issued.
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