American Express 8-K

Summary

Proposed preferred-stock offering. American Express launched an offering of depositary shares representing interests in new Series E fixed-rate reset noncumulative preferred shares. Net proceeds are intended for general corporate purposes, including potentially partially or fully redeeming Series D preferred shares; whether and when any redemption occurs depends on market conditions and other factors.

Key Figures

• Each depositary share represents a 1/1,000 interest in one Series E preferred share, with $1⅔ par value.
• The Series D preferred shares that may be redeemed carry a 3.550% rate.

Investor Takeaways

• Watch for the offering’s pricing and closing; either is uncertain.
• Any Series D redemption will depend on the offering and AXP’s decision, including the amount and timing.