AMERICAN EXPRESS COMPANY CAPITAL TRUST I ANNOUNCES REDEMPTION OF QUARTERLY INCOME PREFERRED SECURITIES
NEW YORK, June 13, 2003 -- American Express Company Capital Trust I announced that it would redeem all of its 20,000,000 outstanding 7.00% Cumulative Quarterly Income Preferred Securities (QUIPS), Series I (NYSE: AXPPrA, Cusip: 02583Y205). The redemption will take place on July 16, 2003, at a price of $25 per Preferred Security plus accrued and unpaid distributions to the redemption date. After the redemption date, distributions will cease to accrue. Distributions to be paid on June 30, 2003 will be paid in the normal manner to record holders of June 15, 2003.
American Express Company Capital Trust I is a Delaware trust established in 1998 by American Express Company at the time of the Preferred Securities issuance. The Trust owns Junior Subordinated Debentures issued by American Express Company, which also are being redeemed on July 16, 2003.
Payment of the redemption price for the Preferred Securities will be made by Deutsche Bank Trust Company Americas, as paying agent. Payment will be made upon presentation and surrender of the Preferred Securities to the paying agent during its usual business hours at the address specified in the Notice of Redemption.
The Notice of Redemption will be mailed to holders of record of the Preferred Securities on or about June 13, 2003. Questions relating to the Notice of Redemption should be directed to Deutsche Bank Trust Company Americas at 1-800-735-7777.
American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.