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AmEx Issues $1.85 Billion in Second Two-Part U.S. Sale This Year

May 15 (Bloomberg) -- American Express Co. issued $1.85 billion of five-year notes in its second two-part offering in the U.S. this year.

The biggest credit-card issuer by purchases sold $1 billion of 1.55 percent securities to yield 75 basis points more than similar-maturity Treasuries and $850 million of floating-rate debt to yield 59 basis points more than the three-month London interbank offered rate, according to data compiled by Bloomberg.

Proceeds will be used to repay $1 billion of 4.875 percent debt maturing July 15, the New York-based company said today in a regulatory filing.

American Express last sold dollar-denominated benchmark debt in January, when it offered $1.27 billion of 2.65 percent notes due December 2022 and $1.05 billion of 4.05 percent securities maturing December 2042.

Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and UBS AG managed the offering, according to the filing. The new debt may be rated A3 by Moody’s Investors Service, Bloomberg data show.

Libor, the rate at which banks say they can borrow in dollars from each other, was set at 0.274 percent today. Benchmark sales are typically at least $500 million.

To contact the reporter on this story: Victoria Stilwell in New York at vstilwell1@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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