By Devika Patel
Knoxville, Tenn., Feb. 23 – American Express Co. offered further details about a $2 billion sale of senior notes (A3/BBB+/A) that priced in two tranches on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company priced $400 million of five-year floating-rate notes at Libor plus 65 basis points. The floaters were issued at par.
American Express sold $1.6 billion of 3.4% five-year fixed-rate notes with a spread of 77 bps over Treasuries. These notes priced at 99.909 to yield 3.42%.
The deal had a total book size of $3.3 billion.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The credit card services company is based in New York.
Issuer: | American Express Co.
|
Amount: | $2 billion
|
Description: | Fixed- and floating-rate senior notes
|
Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC
|
Co-managers: | Lloyds Securities Inc., MUFG, SMBC Nikko Securities America, Inc., Standard Chartered Bank and TD Securities (USA) LLC
|
Junior co-managers: | Mischler Financial Group, Inc. and Williams Capital Group LP
|
Trade date: | Feb. 22
|
Settlement date: | Feb. 27
|
Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
Distribution: | SEC registered
|
|
Five-year floaters
|
Amount: | $400 million
|
Securities: | Floating-rate senior notes
|
Maturity: | Feb. 27, 2023
|
Coupon: | Libor plus 65 bps
|
Price: | Par
|
Yield: | Libor plus 65 bps
|
Call: | Callable at par plus interest 31 days prior to maturity
|
|
Five-year notes
|
Amount: | $1.6 billion
|
Securities: | Fixed-rate senior notes
|
Maturity: | Feb. 27, 2023
|
Coupon: | 3.4%
|
Price: | 99.909
|
Yield: | 3.42%
|
Spread: | Treasuries plus 77 bps
|
Call: | Callable at par plus interest 31 days prior to maturity
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.