<SEC-DOCUMENT>0001104659-23-083981.txt : 20230726
<SEC-HEADER>0001104659-23-083981.hdr.sgml : 20230726
<ACCEPTANCE-DATETIME>20230725215648
ACCESSION NUMBER:		0001104659-23-083981
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230726
DATE AS OF CHANGE:		20230725

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS CO
		CENTRAL INDEX KEY:			0000004962
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				134922250
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-253057
		FILM NUMBER:		231109927

	BUSINESS ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
		BUSINESS PHONE:		2126402000

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EXPRESS CO
		CENTRAL INDEX KEY:			0000004962
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				134922250
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
		BUSINESS PHONE:		2126402000

	MAIL ADDRESS:	
		STREET 1:		200 VESEY STREET
		STREET 2:		50TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10285
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: white"><B>Issuer
Free Writing Prospectus<BR>
Filed pursuant to Rule 433<BR>
Registration No. 333-253057</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMERICAN EXPRESS COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 5.625% Fixed-to-Floating Rate
Subordinated Notes due July 28, 2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">American Express Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Expected Ratings<SUP>(1)</SUP>:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A3 / BBB / A- (Stable/Stable/Stable) (Moody&#8217;s / S&amp;P / Fitch)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Subordinated Notes are unsecured and will be subordinated in right of payment to all senior indebtedness of American Express Company, but equal in right of payment to its subordinated indebtedness that is not specifically stated to be junior to the Subordinated Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">July 25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">July 28, 2023 (T+3). Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Subordinated Notes on any date prior to two business days before delivery will be required, by virtue of the fact that the Subordinated Notes are initially expected to settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">July 28, 2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Par Amount:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">UST 3.375% due May 15, 2033</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price and Yield:</B></FONT></TD>
    <TD>95-30+; 3.875%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Re-offer Spread to Benchmark:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">+175 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Re-offer Yield:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.625%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD><FONT STYLE="font-size: 10pt"><B>Interest Rates:</B></FONT></TD>
<TD>The Subordinated Notes will bear interest (i) during the Fixed Rate Period at a fixed rate per annum equal to 5.625%, and (ii) during the Floating Rate Period at a floating rate per annum equal to Compounded SOFR (determined in accordance with the provisions set forth in the preliminary prospectus supplement (as defined below)) plus 1.930%.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>Fixed Rate Period:</B></FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">From, and including, the Settlement Date to, but excluding, July 28, 2033</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Floating Rate Period:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">From, and including, July 28, 2033 to, but excluding, the Maturity Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Public Offering Price:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">100.000%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Underwriters&#8217; Discount:</B></FONT></TD>
<TD>0.450%</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Net Proceeds to American Express Company:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">$497,750,000 (before expenses)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">(i) During the Fixed Rate Period, January 28 and July 28 of each year, beginning January 28<FONT STYLE="color: #231F20">,</FONT> 2024 and (ii) during the Floating Rate Period, January 28<FONT STYLE="color: #231F20">, </FONT>April 28<FONT STYLE="color: #231F20">, </FONT>July 28 <FONT STYLE="color: #231F20">and </FONT>October 28<FONT STYLE="color: #231F20">, beginning&nbsp;&nbsp;</FONT>October 28<FONT STYLE="color: #231F20">, 20</FONT>33, in each case as further described in the preliminary prospectus supplement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Interest Periods:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">Semi-annually in arrears during the Fixed Rate Period and quarterly in arrears during the Floating Rate Period</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Floating Rate Interest Determination Dates:</B></FONT></TD>
<TD><FONT STYLE="font-size: 10pt">Two U.S. Government Securities Business Days (as defined in the preliminary prospectus supplement) preceding each Floating Rate Interest Payment Date (or in the final Floating Rate Interest Period, preceding the Maturity Date, or in the case of the redemption of any Subordinated Notes, preceding the redemption date).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 10pt"><B>Day Count:</B></FONT></TD>
<TD>Fixed Rate Period: 30 / 360<BR>
 Floating Rate Period: Actual / 360</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(i) In whole but not in part during the three-month period prior to, and including, July 28, 2033 (the tenth anniversary of the date of issuance), (ii) in whole or in part during the three-month period prior to the Maturity Date or (iii) in whole but not in part at any time within 90 days following the occurrence of a Regulatory Capital Event (as defined in the preliminary prospectus supplement), in each case, at a redemption price equal to the principal amount of the Subordinated Notes being redeemed, together with any accrued and unpaid interest thereon to, but excluding, the date fixed for redemption. No redemption of the Subordinated Notes may be made without the prior approval of the Federal Reserve.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Subordinated Notes will not be listed on any exchange.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Minimum Denominations/Multiples:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">025816 DK2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">US025816DK20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CastleOak Securities, L.P.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lloyds Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NatWest Markets Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Standard Chartered Bank</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US Bancorp Investments, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Junior Co-Managers:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Drexel Hamilton, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Siebert Williams Shank &amp; Co., LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(1)</SUP> An explanation of the significance of ratings may be
obtained from the rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own
investigations, studies and assumptions, as they deem appropriate. The rating of the Subordinated Notes should be evaluated independently
from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may
be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a base
prospectus dated February 12, 2021) and a preliminary prospectus supplement, dated July 25, 2023 (the &#8220;preliminary prospectus
supplement&#8221;), with the SEC for the offering to which this communication relates. Before you invest, you should read the
prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the
SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the
SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to
send you the prospectus if you request it by calling Barclays Capital Inc. at <FONT STYLE="font-size: 10pt">1-888-603-5847, BofA
Securities, Inc. at 1-800-294-1322, Deutsche Bank Securities Inc. at 1-800-503-4611, Mizuho Securities USA LLC at 1-866-271-7403 or
Wells Fargo Securities, LLC at 1-800-645-3751.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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