By Andrea Heisinger
New York, Aug. 15 - American Express Credit Corp. priced $2 billion of 7.3% five-year medium-term notes Friday to yield Treasuries plus 425 basis points, market sources said.
The non-callable notes (Aa3/A+/A+) priced at 99.835 to yield 7.34%.
The notes priced in line with guidance that was in the 425 bps area, a source close to the issue said.
Agents were Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS Investment Bank.
Co-managers were BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Lazard Capital Markets LLC, Mizuho Securities USA Inc., CastleOak Securities, LP and the Williams Capital Group, LP.
The branch of financial services company American Express Co. is based in New York City.
| Issuer: | American Express Credit Corp.
|
| Issue: | Medium-term notes
|
| Amount: | $2 billion
|
| Maturity: | Aug. 20, 2013
|
| Agents: | Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS Investment Bank
|
| Co-managers: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Lazard Capital Markets LLC, Mizuho Securities USA Inc., CastleOak Securities LP, the Williams Capital Group LP
|
| Coupon: | 7.3%
|
| Price: | 99.835
|
| Yield: | 7.34%
|
| Spread: | Treasuries plus 425 bps
|
| Call: | Non-callable
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 20
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Price talk: | 425 bps area
|
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