Published on 9/19/2014 in the Prospect News Investment Grade Daily.
New Issue: AmEx Credit details $1 billion senior notes in two tranches due 2017
By Aleesia Forni
Virginia Beach, Sept. 19 – American Express Credit Corp. released details for its $1 billion sale of medium-term senior notes, series E, (A2/A-/A+) sold in fixed and floating tranches due 2017 via a FWP filed with the Securities and Exchange Commission.
There was $300 million of three-year floating-rate notes priced at par to yield Libor plus 30 basis points.
A second tranche was $700 million of 1.55% three-year notes priced at 99.866 to yield 1.596%, or Treasuries plus 50 bps.
Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the bookrunners.
American Express is a New York-based financial services company.
Issuer: | American Express Credit Corp.
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Issue: | Medium-term senior notes, series E
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Amount: | $1 billion
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Joint bookrunners: | Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
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Co-managers: | Lloyds Securities Inc., Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Securities America, Inc.
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Junior co-manager: | Mischler Financial Group, Inc.
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Trade date: | Sept. 18
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Settlement date: | Sept. 23
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Ratings: | Moody’s: A2
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| Standard & Poor’s: A-
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| Fitch: A+
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Distribution: | SEC-registered
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Three-year floating-rate notes
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Amount: | $300 million
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Maturity: | Sept. 22, 2017
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Coupon: | Libor plus 30 bps
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Price: | Par
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Yield: | Libor plus 30 bps
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Three-year fixed-rate notes
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Amount: | $700 million
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Maturity: | Sept. 22, 2017
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Coupon: | 1.55%
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Price: | 99.866
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Yield: | 1.596%
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Spread: | Treasuries plus 50 bps
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