EXHIBIT 1.1
UNDERWRITING AGREEMENT
November 29, 2001
U.S. Bancorp
USB Capital V
000 Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxxxx, XX 00000
Ladies and Gentlemen:
We (the "Representatives") understand that USB Capital V, a business
trust formed under the laws of the State of Delaware (the "Trust"), and U.S.
Bancorp, a Delaware corporation, as sponsor of the Trust and as guarantor (the
"Guarantor"), propose that the Trust issue and sell to the several underwriters
named in Schedule I (the "Underwriters") 12,000,000 7.25% Trust Preferred
Securities (liquidation amount $25 per Preferred Security) with an aggregate
liquidation amount of $300,000,000(the "Offered Securities") representing
preferred beneficial interests in the Trust. The Offered Securities are fully
and unconditionally guaranteed by U.S. Bancorp. The Trust will issue the Offered
Securities and common securities (liquidation amount $25 per common security)
(the "Common Securities") in exchange for 7.25% Junior Subordinated Debentures
of the Guarantor (the "Junior Subordinated Debentures"), due 2031, to be issued
pursuant to a Junior Subordinated Indenture (the "Indenture") dated as of
November 15, 1996 between the Guarantor and Wilmington Trust Company, as trustee
(the "Debenture Trustee").
The Guarantor will, through the Indenture, the Junior Subordinated
Debentures, the Amended and Restated Trust Agreement dated as of December 7,
2001 (the "Trust Agreement") among the Guarantor, as Sponsor to the Trust, First
Union Trust Company, National Association, as Delaware Trustee and Property
Trustee, and the Administrative Trustees named therein (collectively, the
"Trustees"), the Guarantee Agreement dated as of December 7, 2001 (the
"Guarantee") between the Guarantor and First Union Trust Company, National
Association, as trustee (the "Guarantee Trustee"), taken together, fully,
irrevocably and unconditionally guarantee on a subordinated basis all of the
Trust's obligations under the Offered Securities.
Subject to the terms and conditions set forth herein and incorporated
by reference herein, the Guarantor and the Trust hereby agree that the Guarantor
shall sell to each of the Underwriters, and each of the Underwriters agrees,
severally and not jointly, to purchase the numbers of the Offered Securities set
forth opposite the name of such Underwriter at a purchase price of $24.2125 per
Offered Security, plus accrued distributions, if any (the "Purchase Price").
The Offered Securities shall have the terms set forth in the Prospectus
Supplement dated November 29, 2001.
Except as otherwise provided herein, all the provisions contained in
the document entitled "U.S. Bancorp Underwriting Agreement Standard Provisions
(Capital Securities) (October 25, 2001)" (the "Standard Underwriting Agreement")
are herein incorporated by reference in their entirety and shall be deemed to be
a part of this Underwriting Agreement to the same extent as if such provisions
had been set forth in full herein. Capitalized terms used herein and not
otherwise defined herein shall have the meanings given to them in the Standard
Underwriting Agreement.
Certificates for the Offered Securities purchased by each Underwriter
shall be delivered by or on behalf of the Guarantor to the Representatives for
the account of such Underwriter, against payment by such Underwriter or on its
behalf of the Purchase Price therefor in federal (same day) funds, on the
"Closing Date," which shall be 10:00 AM (New York City time) on December 7, 2001
at the offices of Xxxxxxx Xxxxxxx & Xxxxxxxx, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, XX
00000, or at such other place and time as the Representatives, the Guarantor and
the Trust may agree upon in writing.
This document may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same document.
Please confirm your agreement by having an authorized officer sign a
copy of this Agreement in the space set forth below and returning the signed
copy to us.
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX
INCORPORATED
XXXXXXX XXXXX BARNEY INC.
U.S. BANCORP XXXXX XXXXXXX INC.
By: XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX
INCORPORATED
By: /s/ Xxxx Xxxxxxxx
--------------------------------------------------
Name: Xxxx Xxxxxxxx
Title: Director
By: XXXXXXX XXXXX BARNEY INC.
By: /s/ Xxxxx Xxxxxxxxxxxx
--------------------------------------------------
Name: Xxxxx Xxxxxxxxxxxx
Title: Managing Director
Accepted by:
U.S. BANCORP, as Guarantor
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Senior Vice President
USB CAPITAL V
By: U.S. Bancorp, as Sponsor
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Senior Vice President
SCHEDULE I
Underwriters' Commitment
------------------------
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated. ................................................................ 1,770,000
Xxxxxxx Xxxxx Barney Inc........................................................ 1,770,000
U.S. Bancorp Xxxxx Xxxxxxx Inc. ................................................ 1,757,500
Banc of America Securities LLC.................................................. 1,757,500
Xxxxxx Xxxxxxx & Co. Incorporated............................................... 1,757,500
UBS Warburg LLC................................................................. 1,757,500
Xxxxxx X. Xxxxx & Co. Incorporated.............................................. 50,000
Bear, Xxxxxxx & Co. Inc. ....................................................... 50,000
CIBC World Markets Corp. ....................................................... 50,000
Credit Suisse First Boston Corporation.......................................... 50,000
Deutsche Bank Alex. Xxxxx Inc. ................................................. 50,000
Xxxxxx Brothers Inc. ........................................................... 50,000
X.X. Xxxxxx Securities Inc. .................................................... 50,000
RBC Xxxx Xxxxxxxx Inc. ......................................................... 50,000
SWS Securities, Inc. ........................................................... 50,000
Xxxxxx, Xxxxxxxx & Company, Incorporated........................................ 50,000
Advest, Inc. ................................................................... 30,000
BB&T Capital Markets, A division of Xxxxx and 30,000
Xxxxxxxxxxxx, Inc. ...........................................................
Xxxxxx X. Xxxx & Company........................................................ 30,000
X.X. Xxxx & Associates, Inc. ................................................... 30,000
Xxxxxxx & Co., Inc. ............................................................ 30,000
Xxxxxxx, Xxxxxx & Co. .......................................................... 30,000
X.X. Xxxxxxxx & Co. ............................................................ 30,000
Xxxxxxxxx & Company LLC......................................................... 30,000
Xxxxxxxxxx & Co. Inc. .......................................................... 30,000
Gibraltar Securities Co. ....................................................... 30,000
Gruntal & Co., L.L.C. .......................................................... 30,000
H&R Block Financial Advisors, Inc. ............................................. 30,000
HSBC Securities (USA) Inc. ..................................................... 30,000
Huntleigh Securities Corporation................................................ 30,000
J.J.B. Xxxxxxxx, X.X. Xxxxx, Inc. .............................................. 30,000
Xxxxxx Xxxxxxxxxx Xxxxx LLC..................................................... 30,000
Xxxx Xxxxx Xxxx Xxxxxx, Incorporated............................................ 30,000
McDonald Investments Inc. ...................................................... 30,000
Mesirow Financial, Inc. ........................................................ 30,000
Xxxxxx, Xxxxxxx & Xxxxx......................................................... 30,000
Xxxxxx Xxxxxx & Company, Inc. .................................................. 30,000
Xxxxxx/Xxxxxx Incorporated...................................................... 30,000
Quick & Xxxxxx, Inc. ........................................................... 30,000
Xxxxxxx Xxxxx & Associates, Inc. ............................................... 30,000
Xxxxxxx Xxxxxx & Co., Inc. ..................................................... 30,000
Xxxxx, Xxxxx & Co. ............................................................. 30,000
SunTrust Capital Markets, Inc. ................................................ 30,000
TD Waterhouse Investor Services, Inc. ......................................... 30,000
Xxxxxx Xxxxxxx Incorporated.................................................... 30,000
Wedbush Xxxxxx Securities...................................................... 30,000
Xxxxxxx Xxxxx & Company, L.L.C. ............................................... 30,000
TOTAL 12,000,000
