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American Express Co. (NYSE:AXP), a $207.65 billion market cap financial services giant with a "GOOD" InvestingPro Financial Health score, announced today the issuance of €1 billion in aggregate principal amount of 3.433% Fixed-to-Floating Rate Notes due on May 20, 2032. The notes are part of a prospectus supplement dated May 13, 2025, to the prospectus dated February 9, 2024, filed with the SEC as part of the company’s Registration Statement on Form S-3 (No. 333-276975).
This financial move by the New York-based global services company, under the SEC Act of 1934, involves a senior indenture dated August 1, 2007, between American Express and The Bank of New York Mellon (NYSE:BK), serving as the trustee. With a solid current ratio of 1.57 and total debt of $53.15 billion, the company maintains strong liquidity position. The indenture has been supplemented twice, first on February 12, 2021, and then on May 1, 2023.
The SEC filing also lists exhibits related to the issuance, including the form of the Permanent Registered Euro-Denominated Senior Global Note and the opinion and consent of Cleary Gottlieb Steen & Hamilton LLP, which are incorporated by reference into the registration statement and filed as part of the current report.
Investors and stakeholders can refer to the SEC filing for detailed information on the terms of the notes and associated legal documentation. The information in this article is based on statements from a press release.
In other recent news, American Express has reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $3.64, which surpassed the forecast of $3.48. The company’s revenue for the quarter was $17 billion, aligning with expectations and marking an 8% increase year-over-year. In addition to its earnings report, American Express disclosed the issuance of $5 billion in new notes, including various Fixed-to-Floating Rate Notes and Floating Rate Notes, as part of its capital management strategy. Meanwhile, Redburn-Atlantic has upgraded American Express’s stock rating from Sell to Neutral, though it lowered the price target from $270 to $255, citing a more accurate reflection of the company’s future returns profile. Citi has maintained its Neutral rating on the stock, with a price target of $300, noting an earnings miss and concerns about consumer spending. Despite these challenges, American Express remains optimistic about its full-year revenue growth outlook of 8-10%. Additionally, the company has provided details on its U.S. Consumer and Small Business Card Member lending portfolios, with delinquency rates of 1.4% and 1.6%, respectively, as of April 30, 2025.
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