American Express Issues Additional Notice Regarding 1.85% Convertible Debentures.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 American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company announced today that the cash interest rate (the "reset rate") on the 1.85% convertible debentures due 2033, which were successfully remarketed on December 1, 2006, was reset to three-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 11.435 basis points, equal to 5.48373% for the period from December 1, 2006 to March 5, 2007. The remarketed notes were sold to investors at a price of 100.05% of the principal amount of the notes plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. from December 1, 2006 to but excluding December 6, 2006. The next remarketing reset date for the notes will be June 5, 2008. American Express Company (www.americanexpress.com), founded in 1850, is a global travel, financial and network services provider. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion