Amex Issues New Preferred Shares, Prepares to Redeem Existing Series

American Express has issued new Series E preferred shares and plans to redeem its existing Series D preferred shares. The company issued 1,600 shares of 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E, with each share having a par value of $1.66 ⅔.

The Series E preferred shares carry a liquidation preference of $1,000,000 per share and were deposited against delivery of depositary receipts representing 1,600,000 depositary shares. Each depositary share corresponds to a 1/1,000th interest in a Series E preferred share.

American Express has also announced that it intends to send a redemption notice to holders of depositary shares representing a 1/1,000th interest in a Series D preferred share. This will result in the full redemption of the Series D depositary shares and Series D preferred shares on September 15, 2026.