New Issue: American Express sells $2.15 billion of five-year fixed-, floating-rate notes

By Aleesia Forni

Virginia Beach, May 20 – American Express Credit Corp. priced $2.15 billion of senior notes (A2/A-/A+) due 2020 on Wednesday in fixed- and floating-rate tranches, according to a market source and an FWP filed with the Securities and Exchange Commission.

The sale included $1.75 billion of 2.375% five-year notes at 99.902 to yield 2.396%, or Treasuries plus 85 basis points.

A $400 million five-year floating-rate note priced at par to yield Libor plus 73 bps.

The bookrunners were BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and Goldman Sachs & Co.

American Express is a New York-based financial services company.

Issuer:	American Express Credit Corp.
Issue:	Senior notes
Amount:	$2.15 billion
Bookrunners:	BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co.
Co-managers:	Lloyds Securities Inc., MUFG, Mizuho Securities USA Inc., TD Securities (USA) LLC
Junior co-managers:	CastleOak Securities LP, Lebenthal & Co. LLC
Trade date:	May 20
Settlement date:	May 26
Ratings:	Moody’s: A2
	Standard & Poor’s: A-
	Fitch: A+
Distribution:	SEC registered
Five-year fixed-rate notes
Amount:	$1.75 billion
Maturity:	May 26, 2020
Coupon:	2.375%
Price:	99.902
Yield:	2.396%
Spread:	Treasuries plus 85 bps
Price guidance:	Treasuries plus 85 bps area
Five-year floaters
Amount:	$400 million
Maturity:	May 26, 2020
Coupon:	Libor plus 73 bps
Price:	Par
Yield:	Libor plus 73 bps
Price guidance:	Libor equivalent

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