American Express offers subordinated fixed-to-floaters due 2033

By Rebecca Melvin

Concord, N.H., May 18 – American Express Co. is planning to price fixed-to-floating rate subordinated notes due 2033, according to a 424B2 filed with the Securities and Exchange Commission on Wednesday.

The notes will bear interest at a fixed rate and then change to a compounded SOFR rate plus a margin.

They are callable three months prior to their 10th anniversary and then three months prior to their maturity.

Deutsche Bank Securities Inc. and RBC Capital Markets LLC are the joint bookrunning managers.

Counsel to the issuer is Cleary Gottlieb Steen & Hamilton LLP, and counsel to the underwriters is Skadden, Arps, Slate, Meagher & Flom LLP. Bank of New York Mellon is trustee.

Proceeds will be used for general corporate purposes.

American Express is a New York-based credit card company.

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