American Express offers notes in three tranches with varied coupons

Chicago, July 25 – American Express Co. is planning a note transaction in three parts, according to a 424B2 filing with the Securities and Exchange Commission on Monday morning.

The notes will have three different coupon structures.

The first part will be a fixed-rate coupon. The second part will have a floating-rate coupon based on SOFR. And, the third part will come as an 11-year tranche with a fixed-to-floating rate with the floating rate starting in the final year.

The first two tranches will be redeemable at par a number of days before the relevant maturity date.

The 11-year tranche will be redeemable once in 2032 or at any point during the final three months before the maturity date.

Credit Suisse Securities (USA) LLC, Barclays, HSBC Securities (USA) Inc. and RBC Capital Markets, LLC are the bookrunners.

Bank of New York Mellon is the trustee.

American Express is using in-house counsel. Cleary Gottlieb Steen & Hamilton LLP is advising the bookrunners.

Proceeds will be used for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.