Amex Floats Depositary Shares Amid Potential Redemption

American Express has announced plans to issue depositary shares representing a 1/1000th interest in its Fixed Rate Reset Noncumulative Preferred Shares, Series E. Each share will have a $1.66⅔ par value.

The company intends to use the net proceeds from this offering for general corporate purposes, which may include the partial or full redemption of its outstanding 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D.

The pricing and closing of the offering, as well as any potential redemption of Series D shares, are subject to market conditions and other factors. The company has not guaranteed that the offering will be completed or confirmed the amount and timing of any Series D redemption.