Company: USB-PA
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001918704-25-014739
Chunk: 5

Company: US BANCORP \DE\
Filing Date: 2025-09-08
Form: 424B2
Chunk 5
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 the return of the principal amount at maturity, depend on our ability to satisfy our obligations as they come due. As a result, our actual and perceived creditworthiness may affect the market value of the Notes, and, in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms of the Notes. PS-4 If we default on our obligations under the Notes, your investment would be at risk and you could lose some or all of your investment. See “Description of Notes—Events of Default” in the accompanying prospectus supplement. The inclusion of dealer spread and projected profit from hedging in the price to public is likely to adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the price, if any, at which USBI or any other party is willing to purchase the Notes at any time in secondary market transactions will likely be significantly lower than the price to public, since secondary market prices are likely to exclude fees and commissions paid with respect to the Notes and the cost of hedging our obligations under the Notes that are included in the price to public. The cost of hedging includes the projected profit that we and/or our affiliates may realize in consideration for assuming the risks inherent in managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs of unwinding the related hedging transactions. In addition, any secondary market prices may differ from values determined by pricing models used by USBI as a result of dealer discounts, mark-ups or other transaction costs. The Notes will not be listed on any securities exchange and we do not expect a secondary market for the Notes to develop. The Notes will not be listed on any securities exchange. Although USBI and/or its affiliates may purchase the Notes from holders, they are not obligated to do so and are not required to make a market for the Notes. There can be no assurance that a secondary market will develop for the Notes. Because we do not expect that any market makers will participate in a secondary market for the Notes, the price at which you may be able to sell your Notes is likely to depend on the price, if any, at which USBI and/or its affiliates are willing to buy your Notes. If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your Notes prior to maturity or early redemption. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the