By Wendy Van Sickle
Columbus, Ohio, Feb. 13 – American Express Co. sold $1.5 billion of notes (A2/BBB+/A) in two parts on Monday, according to an FWP filed with the Securities and Exchange Commission.
The offering includes:
• $1.2 billion of 4.9% three-year notes priced at 99.921 to yield 4.929%, or with a spread of 72 basis points over Treasuries; and
• $300 million of three-year floating-rate notes at par with a coupon based on SOFR plus 76 bps.
Each series of the notes can be redeemed at par 31 days before the maturity date.
Barclays, BofA Securities, Inc. and Wells Fargo Securities, LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
The credit card services company is based in New York.
| Issuer: | American Express Co.
|
| Amount: | $1.5 billion
|
| Issue: | Fixed-rate notes and floating-rate notes
|
| Bookrunners: | Barclays, BofA Securities, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | NatWest Markets Securities Inc., Siebert Williams Shank & Co., LLC and U.S. Bancorp Investment, Inc.
|
| Junior co-managers: | Drexel Hamilton, LLC and Mischler Financial Group, Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | In-house
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
|
| Trade date: | Feb. 13
|
| Settlement date: | Feb. 16
|
| Ratings: | Moody’s: A2
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| 2026 fixed-rate
|
| Amount: | $1.2 billion
|
| Issue: | Senior notes
|
| Maturity: | Feb. 13, 2026
|
| Coupon: | 4.9%
|
| Price: | 99.921
|
| Yield: | 4.929%
|
| Spread: | Treasuries plus 72 bps
|
| Call features: | Callable 31 days before maturity at par
|
| Cusip: | 025816DC0
|
|
|
| 2026 floaters
|
| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Feb. 13, 2026
|
| Coupon: | SOFR plus 76 bps
|
| Price: | Par
|
| Yield: | SOFR plus 76 bps
|
| Call features: | Callable 31 days before maturity at par
|
| Cusip: | 025816DD8
|
|
|
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