American Express begins two exchange offers for 8.125%, 8.15% notes

By Susanna Moon

Chicago, Nov. 13 - American Express Co. said it began two separate private offers to exchange its outstanding $1.75 billion 8.125% senior notes due 2019 for new notes due Dec. 2, 2022 and cash and its outstanding $1 billion 8.15% senior notes due 2038 for new notes due Dec. 3, 2042 and cash.

Holders who tender their notes by 5 p.m. ET on Nov. 27, the early tender deadline, will receive an early exchange premium of $30.00 per $1,000 principal amount of each series of notes accepted for exchange.

The exchange offers will end at 11:59 p.m. ET on Dec. 11. Tendered notes may be withdrawn by the early tender deadline.

Each exchange offer is conditioned on a minimum of $500 million principal amount of new notes of each series being issued in exchange for the old notes, according to accompany press release.

The exchange is only being offered to qualified institutional buyers under Rule 144A or to non-U.S. persons under the Securities Act.

D.F. King & Co., Inc. (800 549-6697 or banks and brokerage firms call 212 269-5550) is the information agent.

The financial services company is based in New York.

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