American Express Credit launches InterNotes program

By Andrea Heisinger

New York, Aug. 25 - American Express Credit Corp. is launching an InterNotes program, a company spokesperson said Monday.

The first offering of the InterNotes was filed with the Securities and Exchange Commission late Monday afternoon, comprised of 6.05% three-year notes and 6.9% seven-year notes.

The new debt product complements the company's existing funding plan, said spokesperson Joanna Lambert. It also allows the company access to more avenues of funding, she added.

The unsecured medium-term notes will be sold to retail investors, generally at par, in $1,000 increments, according to 424B2 filing with the Securities and Exchange Commission.

Joint lead managers and lead agents for the notes will be Banc of America Securities LLC and Incapital LLC.

Other agents are Charles Schwab & Co., Inc., Citigroup Global Markets Inc., Fidelity Capital Markets Services, Morgan Stanley, RBC Capital Markets Corp., Wachovia Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Raymond James and UBS Investment Bank.

The proceeds from the offerings will be added to general funds and used for financing operations, including the purchase of receivables, repayment of short-term debt incurred to finance the purchase of receivables, and for investment in short- and medium-term financial assets.

The credit branch of American Express Co. is based in New York City.

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