American Express Launches Public Offering of Depositary Shares Tied to New Preferred Stock

American Express Company has announced plans to launch a public offering of depositary shares tied to its new Series E preferred stock. The proposed sale is for depositary shares representing a 1/1,000th interest in Fixed Rate Reset Noncumulative Preferred Shares, Series E, with $1.662/3 par value per share.

The company intends to use net proceeds from the offering for general corporate purposes, including potentially redeeming its outstanding 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D.

According to American Express, any redemption of Series D shares would depend on market conditions and other factors, with no assurance that it will occur.