By Aleesia Forni
Virginia Beach, July 29 – American Express Credit Corp. sold $1.4 billion of three-year senior medium-term notes (A2/A-/A+) in two parts, according to a market source and two separate FWP filings with the Securities and Exchange Commission.
As previously reported, the company priced $500 million of floaters at par to yield Libor plus 61 basis points. The notes were talked at the Libor equivalent to the fixed-rate tranche.
The company also sold $900 million of 1.8% notes at 99.869 to yield 1.845% with a spread of 83 bps over Treasuries.
Guidance was set in the Treasuries plus 85 bps area having tightened from the range of Treasuries plus 95 bps to 100 bps.
The issue priced on Tuesday.
Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and Wells Fargo Securities, LLC were the bookrunners.
American Express Credit is a New York-based subsidiary of credit card issuer and travel-related services provider American Express Co.
| Issuer: | American Express Credit Corp.
|
| Issue: | Medium-term senior notes, series F
|
| Amount: | $1.4 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Wells Fargo Securities, LLC
|
| Co-managers: | MUFG, Standard Chartered Bank, U.S. Bancorp Investments, Inc.
|
| Junior co-managers: | Williams Capital Group, LP, Samuel A. Ramirez & Co., Inc.
|
| Trade date: | July 28
|
| Settlement date: | July 31
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | July 31, 2018
|
| Coupon: | Libor plus 61 bps
|
| Price: | Par
|
| Yield: | Libor plus 61 bps
|
| Price talk: | Libor equivalent to fixed-rate notes
|
|
|
| Three-year notes
|
| Amount: | $900 million
|
| Maturity: | July 31, 2018
|
| Coupon: | 1.8%
|
| Price: | 99.869
|
| Yield: | 1.845%
|
| Spread: | Treasuries plus 83 bps
|
| Price guidance: | Treasuries plus 85 bps area, tightened from Treasuries plus 95 bps to 100 bps
|
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