American Express priced an upsized offering of $777.77 million of five-year notes from its American Express Credit Account Master Trust, according to a regulatory filing.
The senior class A tranche was increased to $700 million from $500 million originally; rated ‘AAA’ by Fitch Ratings and Standard & Poor’s, it priced at 43 basis points over one-month Libor.
The subordinate class B tranche was increased to $31.11 million from $22.22 million; it priced at Libor plus 70 basis points; and the class C tranche was increased to $46.66 million from $33.33 million; it priced at Libor plus 115 basis points.
In upsizing the deal, American Express added five underwriters to the original three for the class A notes: Deutsche Bank Securities, Mischler Financial Group, Mizuho Securities and TD Securities joined Bank of America Merrill Lynch, Credit Suisse and JP Morgan.
Only BAML, Credit Suisse and JP Morgan underwrote the class B notes.
Series 2013-2 is the second public transaction issued out of the trust. In July, American Express issued a $595.24 million deal.