American Express offers fixed-to-floaters, floating-rate notes

By Mary-Katherine Stinson

Lexington, Ky., Oct. 24 – American Express Co. is planning a dollar-denominated offering comprised of a series of fixed-to-floating rate notes and floating-rate notes, according to a 424B2 filing with the Securities and Exchange Commission.

After the initial fixed-rate period, the fixed-to-floaters will bear interest at compounded SOFR plus a margin. The floating-rate notes will also bear interest at compounded SOFR plus an applicable margin.

There will be a par call option for the notes on a certain date, followed by a par call beginning some period before the maturity date.

None of the notes will be listed on any exchange.

RBC Capital Markets, LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are working as bookrunners.

Bank of New York Mellon is the trustee.

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

Proceeds will be used for general corporate purposes.

The credit card services company is based in New York.

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