US Bancorp, Floating Rate Non-Cumulative Perpetual Preferred Stock Series B (3.5% Min)

Coupon Floats at the rate of whichever is greater between either 1) .60% plus 3 month libor or 2) 3.5%

Beginning 7/1/2023 this issue will changeover to SOFR (from LIBOR) so the rate will be 3 month SOFR plus an applicable spread. The press release with details is here.

7/1/2023 Now trading with 3 month SOFR plus .2616% Replacing LIBOR