American Express Issues $3.0 Billion of Long-Term Debt.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- American Express Company (NYSE NYSE See: New York Stock Exchange : AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. ) announced today the sale of $3.0 billion of non-guaranteed senior debt, comprising $1.25 billion of 7.25 percent five year notes and $1.75 billion of 8.125 percent 10 year notes. The Company expects to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale for general corporate purposes, which may include, subject to regulatory approval, partial funding of the repurchase of $3.4 billion of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issued to the U.S. Treasury as part of the Capital Purchase Program (CPP cpp - C preprocessor. ). American Express Company is a leading global payments and travel company founded in 1850. For more information, visit www.americanexpress.com. Forward Looking Statements: This release includes forward-looking statements, which are subject to risks and uncertainties The forward-looking statements, which address the company's expected business and financial performance, among other matters, contain words such as "believe", "expect", "anticipate", "optimistic", "intend", "plan", "aim", "will", "may", "should", "could", "would", "likely", and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the company's ability to repurchase the preferred shares, which will depend, in part, on the actions of regulators. A further description of these and other risks and uncertainties can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2008, Form 10-Q for the period ended March 31, 2009 and the company's other reports filed with the SEC. |
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