AMP » Topics » New Financing Arrangements

This excerpt taken from the AMP 10-Q filed May 9, 2007.

New Financing Arrangements

On May 26, 2006, we issued $500 million principal amount of junior subordinated notes due 2066 (“junior notes”). These junior notes carry a fixed interest rate of 7.518% for the first 10 years and a variable interest rate thereafter. These junior notes receive at least a 75% equity credit by the majority of our credit rating agencies for purposes of their calculation of our debt to total capital ratio. The net proceeds from the issuance were for general corporate purposes.

This excerpt taken from the AMP 10-K filed Feb 27, 2007.

New Financing Arrangements

On May 26, 2006, we issued $500 million principal amount of junior subordinated notes due 2066 (“junior notes”). These junior notes carry a fixed interest rate of 7.518% for the first 10 years and a variable interest rate thereafter. These junior notes receive at least a 75% equity credit by the majority of our credit rating agencies for purposes of their calculation of our debt to total capital ratio. The net proceeds from the issuance were for general corporate purposes.

On November 23, 2005, we issued $800 million principal amount of 5.35% senior unsecured notes due November 15, 2010 and $700 million principal amount of 5.65% senior unsecured notes due November 15, 2015 (“senior notes”). The proceeds from the senior notes were used to repay a bridge loan, which was drawn on September 28, 2005 to repay American Express for intercompany loans, and for other general corporate purposes.

In September 2005, we also obtained an unsecured revolving credit facility of $750 million expiring in September 2010 from various third-party financial institutions. Under the terms of the credit agreement we may increase the amount of this facility to $1.0 billion. Through December 31, 2006, we have not had borrowings under this facility but have had outstanding letters of credit, which were $5 million at December 31, 2006.

This excerpt taken from the AMP 10-K filed Mar 8, 2006.

New Financing Arrangements

 

On November 23, 2005 we issued $800 million principal amount of 5.35% senior unsecured notes due November 15, 2010 and $700 million principal amount of 5.65% senior unsecured notes due November 15, 2015 (senior notes). The proceeds from the senior notes were used to repay a bridge loan, which was drawn on September 28, 2005 to repay American Express for inter-company loans, and for other general corporate purposes. In September 2005 we also obtained an unsecured revolving credit facility of $750 million expiring in September 2010 from various third-party financial institutions. Under the terms of the credit agreement we may increase the amount of this facility to $1.0 billion and as of December 31, 2005, no borrowings were outstanding under this facility. See “Liquidity and Capital Resources—Description of Indebtedness” and Note 8 to our consolidated financial statements.

 

This excerpt taken from the AMP 10-Q filed Nov 14, 2005.

New Financing Arrangements

 

We filed a registration statement on Form S-3 with the SEC in anticipation of issuing long-term senior debt of approximately $1.5 billion to replace the existing bridge loan, which was drawn on September 28, 2005 (see Note 5 to the consolidated financial statements) to repay American Express for inter-company loans, and for other corporate purposes.  The registration statement relating to the long-term senior debt securities has been filed with the SEC and has been declared effective. This does not constitute an offer to sell or the solicitation of an offer to buy such securities.  In September we also obtained an unsecured revolving credit facility for $750 million expiring in September 2010 from various third party financial institutions and as of September 30, 2005, there was no draw on the credit facility.

 

This excerpt taken from the AMP 8-K filed Sep 16, 2005.

New Financing Arrangements

        As part of the separation and distribution, we expect to replace our current intercompany indebtedness payable to American Express Company initially with a bridge facility from selected financial institutions (or American Express Company on arm's length terms, if not available from third parties), on or prior to the distribution date. In October 2005, we intend to replace the bridge facility through the issuance of $1.5 billion of unsecured senior debt securities ranging in maturities from 5 to

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30 years from issuance. We also intend to obtain an unsecured revolving credit facility at or shortly prior to the separation and distribution.

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