American Express Co S-4, filed Feb 11, 2022

American Express Co (AXP)

S-4 2022-02-11

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	New York			6199			13-4922250
	(State or other jurisdiction of incorporation or organization)			(Primary Standard Industrial Classification Code Number)			(I.R.S. Employer Identification No.)

	Large accelerated filer ☒			Accelerated filer ☐
	Non-accelerated filer ☐			Smaller reporting company ☐
				Emerging growth company ☐

	Page
FORWARD-LOOKING STATEMENTS		ii
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE		iii
WHERE YOU CAN FIND MORE INFORMATION		iii
SUMMARY		1
RISK FACTORS		8
THE EXCHANGE OFFERS		10
USE OF PROCEEDS		18
DESCRIPTION OF NOTES		19
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES		26
PLAN OF DISTRIBUTION		28
VALIDITY OF THE EXCHANGE NOTES		29
EXPERTS		29

Exhibit Number			Description
3.1			Registrant’s Amended and Restated Certificate of Incorporation, as amended through August 2, 2021 (incorporated by reference to Exhibit 3.1 of the Registrant’s Quarterly Report on Form 10-Q (File No. 1-7657) for the quarter ended September 30, 2021).
3.2			Registrant’s By-laws, as amended through September 26, 2016 (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K (File No. 1-7657), filed on September 27, 2016).
4.1*			Senior Indenture, dated as of December 2, 2021, by and between American Express Company and The Bank of New York Mellon, as trustee
4.2*			Form of 3.300% Rule 144A Global Note due 2027
4.3*			Form of 3.300% Regulation S Global Note due 2027
4.4*			Registration Rights Agreement for the Senior Notes due 2027, dated as of December 2, 2021, by and between American Express Company, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC.
4.5*			Form of 3.300% Unrestricted Global Note due 2027
5.1*			Opinion of Cleary Gottlieb Steen & Hamilton LLP
21.1			Subsidiaries of the Registrant (incorporated by reference to Exhibit 21 to the Registrant’s Annual Report on Form 10-K (File No. 1-7657) for the year ended December 31, 2021)
23.1*			Consent of PricewaterhouseCoopers LLP
23.2*			Consent of Cleary Gottlieb Steen & Hamilton LLP (included in Exhibit 5.1)
24.1*			Powers of attorney
25.1*			Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended of The Bank of New York Mellon, as Trustee under the Senior Indenture dated as of December 2, 2021
99.1*			Form of Letter of Transmittal
107*			Filing Fee Table

	Signature			Title
	/s/ Stephen J. Squeri STEPHEN J. SQUERI			Chairman, Chief Executive Officer and Director
	/s/ Jeffrey C. Campbell JEFFREY C. CAMPBELL			Vice Chairman and Chief Financial Officer
	/s/ Jessica Lieberman Quinn JESSICA LIEBERMAN QUINN			Executive Vice President and Corporate Controller (Principal Accounting Officer)
	* THOMAS J. BALTIMORE, JR.			Director
	* CHARLENE BARSHEFSKY			Director
	* JOHN J. BRENNAN			Director
	* PETER CHERNIN			Director
	* RALPH DE LA VEGA			Director

	Copies to:
	David S. Carroll, Esq. David A. Kanarek, Esq. American Express Company 200 Vesey Street New York, New York 10285 (212) 640-2000			Craig B. Brod, Esq. Francesca L. Odell, Esq. Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, New York 10006 (212) 225-2000

	Signature			Title
	* MICHAEL O. LEAVITT			Director
	* THEODORE J. LEONSIS			Director
	* KAREN L. PARKHILL			Director
	* CHARLES E. PHILLIPS, JR.			Director
	* LYNN A. PIKE			Director
	* DANIEL L. VASELLA			Director
	* LISA W. WARDELL			Director
	* RONALD A. WILLIAMS			Director
	* CHRISTOPHER D. YOUNG			Director

Provisions of
Trust Indenture Act
of 1939		Indenture Provision
§ 310(a)(1), (2)		§ 8.09
(3)		Not Applicable
(4)		Not Applicable
(b)		§8.08; § 8.10
(c)		Not Applicable
§ 311(a)		§ 8.13(a)
(b)		§ 8.13(b)
(b)(2)		§ 9.03 (a)(ii); § 9.03(b)
(c)		Not Applicable
§ 312(a)		§ 9.01; § 9.02(a)
(b)		§ 9.02(b)
(c)		§ 9.02(c)
§ 313(a)		§ 9.03(a)
(b)(1)		Not Applicable
(2)		§ 9.03(b)
(c)		§ 9.03(a); § 9.03(b)
(d)		§ 9.03(c)
§ 314(a)		§ 9.04
(b)		Not Applicable
(c)		§ 1.02
(d)		Not Applicable
(e)		§ 1.02
(f)		Not Applicable
§ 315(a)(1)		§8.01(a)(i)
(2)		§ 8.01(a)(ii)
(b)		§ 8.02
(c)		§ 8.01(b)
(d)(1)		§ 8.01(a)
(2)		§ 8.01(c)(ii)
(3)		§ 8.01(c)(iii)
(e)		§ 7.14
§ 316(a)		§ 7.12; § 7.13
(b)		§ 7.08
(c)		§ 1.04
§ 317(a)(1), (2)		§ 7.03; § 7.04
(b)		§ 12.03
§ 318(a)		§ 1.08

Section 1.01	Definitions	1
Section 1.02	Compliance Certificates and Opinions	8
Section 1.03	Form of Documents Delivered to Trustee	8
Section 1.04	Act of Holders	9
Section 1.05	Notices, etc., to Trustee and Company	10
Section 1.06	Notice to Holders; Waiver	11
Section 1.07	Immunity of Incorporators; Stockholders, Officers and Directors	11
Section 1.08	Conflict with Trust Indenture Act	11
Section 1.09	Effect of Headings and Table of Contents	12
Section 1.10	Successors and Assigns	12
Section 1.11	Separability Clause	12
Section 1.12	Benefits of Indenture	12
Section 1.13	Governing Law	12
Section 1.14	Cross References	12
Section 1.15	Counterparts	12
Section 1.16	Legal Holidays	13
Section 1.17	Securities in Foreign Currencies	13
Section 1.18	Force Majeure	13

Section 2.01	Forms Generally	13
Section 2.02	Form of Certificate of Authentication	14
Section 2.03	Securities in Global Form	14

Section 3.01	Amount Unlimited; Issuable in Series	15
Section 3.02	Denominations	18
Section 3.03	Initial Securities and Exchange Securities	18
Section 3.04	Authentication and Dating	18
Section 3.05	Execution of Securities	20
Section 3.06	Exchange and Registration of Transfer of Securities	21
Section 3.07	Mutilated, Destroyed, Lost or Stolen Securities	23
Section 3.08	Temporary Securities	24
Section 3.09	Payment of Interest; Interest Rights Preserved	25
Section 3.10	Persons Deemed Owners	26
Section 3.11	Cancellation	26
Section 3.12	Computation of Interest	27
Section 3.13	CUSIP Numbers	27
Section 3.14	Notice of Tax Issue Price	27

Section 4.01	Applicability of Article	27
Section 4.02	Election to Redeem; Notice to Trustee	28
Section 4.03	Selection by Trustee of Securities to Be Redeemed	28
Section 4.04	Notice of Redemption	28
Section 4.05	Deposit of Redemption Price	29
Section 4.06	Securities Payable on Redemption Date	29
Section 4.07	Securities Redeemed in Part	30

Section 5.01	Applicability of Article	30
Section 5.02	Satisfaction of Mandatory Sinking Fund Payments with Securities	30
Section 5.03	Redemption of Securities for Sinking Fund	31

Section 6.01	Satisfaction and Discharge of Indenture	32
Section 6.02	Satisfaction, Discharge and Defeasance of Securities of any Series	34
Section 6.03	Application of Trust Money	35
Section 6.04	Paying Agent to Repay Moneys Held	35
Section 6.05	Return of Unclaimed Moneys	36

Section 7.01	Events of Default	36
Section 7.02	Acceleration of Maturity; Rescission and Annulment	37
Section 7.03	Collection of Indebtedness and Suits for Enforcement by Trustee	38
Section 7.04	Trustee May File Proofs of Claim	39
Section 7.05	Trustee May Enforce Claims without Possession of Securities	40
Section 7.06	Application of Money Collected	40
Section 7.07	Limitation on Suits	40
Section 7.08	Unconditional Right of Holders to Receive Principal, Premium and Interest	41
Section 7.09	Restoration of Rights and Remedies	41
Section 7.10	Rights and Remedies Cumulative	42
Section 7.11	Delay or Omission Not Waiver	42
Section 7.12	Control by Holders	42
Section 7.13	Waiver of Past Defaults	42
Section 7.14	Undertaking for Costs	43
Section 7.15	Waiver of Stay or Extension Laws	43

Section 8.01	Certain Duties and Responsibilities	43
Section 8.02	Notice of Defaults	45
Section 8.03	Certain Rights of Trustee	45
Section 8.04	Not Responsible for Recitals or Issuance of Securities	47
Section 8.05	May Hold Securities	47
Section 8.06	Money Held in Trust	47
Section 8.07	Compensation and Reimbursement	47
Section 8.08	Disqualification; Conflicting Interests	48
Section 8.09	Corporate Trustee Required; Different Trustees for Different Series; Eligibility	48
Section 8.10	Resignation and Removal; Appointment of Successor	49
Section 8.11	Acceptance of Appointment by Successor	50
Section 8.12	Merger, Conversion, Consolidation or Succession to Business	51
Section 8.13	Preferential Collection of Claims against Company	51
Section 8.14	Authenticating Agent	51

Section 10.01	Company May Consolidate, etc., Only on Certain Terms	55
Section 10.02	Successor Corporation Substituted	56

	The Bank of New York Mellon,as Trustee


	By	[Authorized Officer or Authorized Signatory]

	or


	By	[As Authenticating Agent]


	By	[Authorized Officer or Authorized Signatory]

	AMERICAN EXPRESS COMPANY

	By:	/s/ David L. Yowan
		Name: David L. Yowan
		Title: Treasurer

	THE BANK OF NEW YORK MELLON, as Trustee

	By:	/s/ Shannon Matthews
		Name: Shannon Matthews
		Title: Agent

Section 9.01	Company to Furnish Trustee Names and Addresses of Holders	52
Section 9.02	Preservation of Information; Communications to Holders	53
Section 9.03	Reports by Trustee	54
Section 9.04	Reports by Company	54

Section 11.01	Supplemental Indentures without Consent of Holders	56
Section 11.02	Supplemental Indentures with Consent of Holders	58
Section 11.03	Execution of Supplemental Indentures	59
Section 11.04	Notice of Supplemental Indenture	59
Section 11.05	Effect of Supplemental Indentures	59
Section 11.06	Conformity with Trust Indenture Act	59
Section 11.07	Reference in Securities to Supplemental Indentures	60

Section 12.01	Payment of Principal, Premium and Interest	60
Section 12.02	Maintenance of Office or Agency	60
Section 12.03	Money for Securities Payments to Be Held in Trust.	61
Section 12.04	Payment of Taxes and Other Claims	62
Section 12.05	Statement as to Compliance	62
Section 12.06	Corporate Existence	62
Section 12.07	Restrictions on the Creation of Mortgages and Liens	62
Section 12.08	Permit No Vacancy in Office of Trustee	64
Section 12.09	Other Instruments and Acts	64
Section 12.10	Waiver	64

Appendix A	Provisions Relating to Initial Securities and Exchange Securities	A-1
Appendix B	Form of Certificate of Transfer	B-1
Appendix C	Form of Free Transferability Certificate	C-1

		Defined in
Term		Section:

“Global Securities”		2.1(b)
“Regulation S”		2.1(a)
“Regulation S Global Security”		2.1(b)
“Rule 144A”		2.1(a)
“Rule 144A Global Security”		2.1(b)

Dated: December ____, 2021

TRUSTEE’S CERTIFICATE OF AUTHENTICATION	AMERICAN EXPRESS COMPANY

	By:
This is one of the Securities described in the within-mentioned Indenture.

	Attest:




	THE BANK OF NEW YORK MELLON As Trustee

	By:
	Authorized Signatory

Very truly yours,

AMERICAN EXPRESS COMPANY

By:	/s/ David L. Yowan
	Name:	David L. Yowan
	Title:	Treasurer

DEUTSCHE BANK SECURITIES INC.

By:	/s/ Mary Hardgrove
	Name: Mary Hardgrove
	Title: Managing Director

By:	/s/ Anguel Zaprianov
	Name: Anguel Zaprianov
	Title: Managing Director

CREDIT SUISSE SECURITIES (USA) LLC

By:	/s/ Gabe Menendez
	Name: Gabe Menendez
	Title: Managing Director

TRUSTEE’S CERTIFICATE	AMERICAN EXPRESS COMPANY
OF AUTHENTICATION
	By:
This is one of the Securities described
in the within-mentioned Indenture.

	Attest:



	THE BANK OF NEW YORK MELLON As Trustee

	By:
	Authorized Signatory

	Writer’s Direct Dial: +1 212-225-2650
	E-Mail: cbrod@cgsh.com

/s/ PricewaterhouseCoopers LLP
New York, New York
February 11, 2022

/s/ Stephen J. Squeri		/s/ Jeffrey C. Campbell
Stephen J. Squeri Chairman, Chief Executive Officer and Director		Jeffrey C. Campbell Vice Chairman and Chief Financial Officer

/s/ Jessica Lieberman Quinn
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)

/s/ Thomas J. Baltimore, Jr.		/s/ Karen L. Parkhill
Thomas J. Baltimore, Jr.	Director	Karen L. Parkhill	Director


/s/ Charlene Barshefsky		/s/ Charles E. Phillips, Jr.
Charlene Barshefsky	Director	Charles E. Phillips, Jr.	Director


/s/ John J. Brennan		/s/ Lynn A. Pike
John J. Brennan	Director	Lynn A. Pike	Director


/s/ Peter Chernin		/s/ Daniel L. Vasella
Peter Chernin	Director	Daniel L. Vasella	Director


/s/ Ralph de la Vega		/s/ Lisa W. Wardell
Ralph de la Vega	Director	Lisa W. Wardell	Director


/s/ Michael O. Leavitt		/s/ Ronald A. Williams
Michael O. Leavitt	Director	Ronald A. Williams	Director


/s/ Theodore J. Leonsis		/s/ Christopher D. Young
Theodore J. Leonsis	Director	Christopher D. Young	Director

New York (Jurisdiction of incorporation if not a U.S. national bank)	13-5160382 (I.R.S. employer identification no.)

240 Greenwich Street, New York, N.Y. (Address of principal executive offices)	10286 (Zip code)

New York (State or other jurisdiction of incorporation or organization)	13-4922250 (I.R.S. employer identification no.)
200 Vesey Street New York, New York (Address of principal executive offices)	10285 (Zip code)

Name	Address

Superintendent of the Department of Financial Services of the State of New York	One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223

Federal Reserve Bank of New York	33 Liberty Street, New York, N.Y. 10045

Federal Deposit Insurance Corporation	550 17^th Street, NW Washington, D.C. 20429

The Clearing House Association L.L.C.	100 Broad Street New York, N.Y. 10004

THE BANK OF NEW YORK MELLON

By:	/s/ Shannon Matthews
	Name:	Shannon Matthews
	Title:	Agent

ASSETS	Dollar amounts in thousands
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin		5,784,000
Interest-bearing balances		142,725,000
Securities:
Held-to-maturity securities		56,263,000
Available-for-sale debt securities		100,318,000
Equity securities with readily determinable fair values not held for trading		72,000
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold in domestic offices		0
Securities purchased under agreements to resell		12,803,000
Loans and lease financing receivables:
Loans and leases held for sale		0
Loans and leases held for investment		29,494,000
LESS: Allowance for loan and lease losses		206,000
Loans and leases held for investment, net of allowance		29,288,000
Trading assets		11,512,000
Premises and fixed assets (including capitalized leases)		2,931,000
Other real estate owned		1,000
Investments in unconsolidated subsidiaries and associated companies		1,576,000
Direct and indirect investments in real estate ventures		0
Intangible assets		6,936,000
Other assets		15,621,000
Total assets		385,830,000

LIABILITIES
Deposits:
In domestic offices		218,664,000
Noninterest-bearing		96,074,000
Interest-bearing		122,590,000
In foreign offices, Edge and Agreement subsidiaries, and IBFs		123,251,000
Noninterest-bearing		8,901,000
Interest-bearing		114,350,000
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices		0
Securities sold under agreements to repurchase		4,020,000
Trading liabilities		2,655,000
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)		701,000
Not applicable
Not applicable
Subordinated notes and debentures		0
Other liabilities		8,028,000
Total liabilities		357,319,000

EQUITY CAPITAL
Perpetual preferred stock and related surplus		0
Common stock		1,135,000
Surplus (exclude all surplus related to preferred stock)		11,725,000
Retained earnings		16,437,000
Accumulated other comprehensive income		-786,000
Other equity capital components		0
Total bank equity capital		28,511,000
Noncontrolling (minority) interests in consolidated subsidiaries		0
Total equity capital		28,511,000
Total liabilities and equity capital		385,830,000

Thomas P. Gibbons Samuel C. Scott Joseph J. Echevarria		Directors