American Express Issues $1.6B in Series E Preferred Stock, Plans Series D Redemption

American Express announced the issuance and sale of 1.6 million Depositary Shares representing its new 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E. In connection with this capital raise, the company plans to redeem all of its outstanding 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D, effective September 15, 2026.

Key Details

• New Issuance: The company closed the sale of 1,600,000 Depositary Shares on August 12, 2026, each representing a 1/1,000th interest in a Series E Preferred Share with a liquidation preference of $1,000 per depositary share (totaling $1.6 billion).
• Terms of New Shares: The new Series E shares will pay a fixed dividend of 6.450% per annum until the first reset date on September 15, 2031.
• Planned Redemption: All outstanding Series D Preferred Shares and their corresponding Depositary Shares are scheduled for redemption on September 15, 2026, at a price of $1,000 per Series D Depositary Share, plus any declared and unpaid dividends.