By Devika Patel
Knoxville, Tenn., March 1 – American Express Credit Corp. offered further details about a $4.5 billion sale of notes (A2/A-/A) that priced in four tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
American Express priced $450 million of three-year floating-rate notes at Libor plus 43 basis points. These notes were sold at par and may be called at par on or after 31 days before maturity.
The company priced $2 billion of 2.2% three-year fixed-rate notes at a spread of Treasuries plus 72 basis points. These notes priced at 99.896, to yield 2.236% and feature a par call on or after 31 days before maturity.
The company sold $300 million of five-year floating-rate notes at Libor plus 70 bps. These notes were sold at par and may be called at par on or after 31 days before maturity.
American Express priced $1.75 billion of 2.7% five-year fixed-rate notes at a Treasuries plus 82 bps spread. These notes priced at 99.777 to yield 2.748% and feature a par call on or after 31 days before maturity.
BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and HSBC Securities (USA) Inc. were the bookrunners.
American Express Credit is a New York City-based credit card services provider.
| Issuer: | American Express Credit Corp.
|
| Amount: | $4.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and HSBC Securities (USA) Inc.
|
| Co-managers: | Lloyds Securities Inc., MUFG, SMBC Nikko Securities America, Inc., Standard Chartered Bank and TD Securities (USA) LLC
|
| Junior co-managers: | Lebenthal & Co., LLC, RedTail Capital Markets, LLC, Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP
|
| Trade date: | Feb. 28
|
| Settlement date: | March 3
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $450 million
|
| Maturity: | March 3, 2020
|
| Coupon: | Libor plus 43 bps
|
| Price: | Par
|
| Yield: | Libor plus 43 bps
|
| Call: | Par call on or after 31 days before maturity
|
|
|
| Three-year notes
|
| Amount: | $2 billion
|
| Maturity: | March 3, 2020
|
| Coupon: | 2.2%
|
| Price: | 99.896
|
| Yield: | 2.236%
|
| Spread: | Treasuries plus 72 bps
|
| Call: | Par call on or after 31 days before maturity
|
|
|
| Five-year floaters
|
| Amount: | $300 million
|
| Maturity: | March 3, 2022
|
| Coupon: | Libor plus 70 bps
|
| Price: | Par
|
| Yield: | Libor plus 70 bps
|
| Call: | Par call on or after 31 days before maturity
|
|
|
| Five-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | March 3, 2022
|
| Coupon: | 2.7%
|
| Price: | 99.777
|
| Yield: | 2.748%
|
| Spread: | Treasuries plus 82 bps
|
| Call: | Par call on or after 31 days before maturity
|
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