American Express upsized a securitization of its credit card receivables to $1.43 billion from $578 million, according to a deal document.
The deal, American Express Credit Account Master Trust, Series 2014-2, is the issuer’s second securitization of the year.
The class A notes, which have a provisional 'AAA' rating from Fitch Ratings, priced at swaps plus 23 basis points. The tranche were upsized to $1 billion from $500 million, according to Interactive Data. The notes pay an annual interest rate of 1.26% and are expected to mature in June 2017.
The $43 million class B tranche, which is subordinate to the class A certificates and rated 'BBB+' by Fitch, was also upsize from $21.68 million originally. The notes pay an annual interest rate of 1.42% and are also expected to mature in June 2017, according to a regulatory filing.
Citigroup, J.P. Morgan, and Mitsubishi UFJ Securities are the lead underwriters.
American Express will have 17 series outstanding once the 2014-2 notes are issued. The total of principal receivables was approximately $28.1 billion as of March 31, 2014, according to Fitch's presale report. As of the same period, 99.2% of total receivables outstanding had a seasoning of 60 months or more.