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[ 91 ]
notes to consolidated fi nancial statements
american express company
LONG-TERM DEBT
The Company’s long-term debt outstanding, defined as debt with original maturities of one year or greater, at
December 31, was as follows:
(Millions, except percentages) 2006 2005
Outstanding
Balance
Notional
Amount
of Swaps
Year-End
Stated
Rate on
Debt(a)
Year-End
Effective
Interest
Rate
with
Swaps(a)
Maturity
of Swaps
Outstanding
Balance
Notional
Amount
of Swaps
Year-
End
Stated
Rate on
Debt(a)
Yea r-
End
Effective
Interest
Rate
with
Swaps(a)
Maturity
of Swaps
American Express
Company (Parent
Company only)
Convertible Debentures
due September 1, 2033(b) $—$— — — —$ 2,000 $ — 1.85% — —
Fixed and Floating Rate
Senior Notes due 2007–
2033 5,244 — 5.04% — — 3,242 — 4.79% — —
Subordinated Debentures
due 2036(c) 750 — 6.80% — — ———— —
American Express Travel
Related Services
Company, Inc.(d)
Fixed and Floating Rate
Senior Notes due 2009-
2011 2,000 500 4.95% 4.98% 2011 500 — 3.63% — —
American Express Credit
Corporation
Fixed and Floating Rate
Senior and Medium-
Term Notes due 2007–
2017(e) 19,037 4,248 5.10% 5.10% 2008-2015 13,600 6,350 4.48% 2.99% 2006–2015
Borrowings under Bank
Credit Facilities due
2009 2,753 916 6.69% 6.49% 2007-2010 3,329 3,028 5.25% 5.12% 2006–2010
American Express
Centurion Bank
Fixed and Floating Rate
Senior and Medium-
Term Notes due 2007-
2009 7,541 1,300 5.33% 5.34% 2007-2009 4,342 1,000 4.44% 4.31% 2006–2009
American Express Bank,
FSB
Floating Rate Medium-
Term Notes due 2007–
2009 4,000 300 5.38% 5.27% 2007 2,350 1,000 4.39% 4.18% 2006–2007
American Express
Receivables Financing
Corporation V LLC
Floating Rate Senior Notes
due 2010–2012 1,116 — 5.38% — — 1,116 — 4.42% — —
Floating Rate
Subordinated Notes due
2010–2012 84 — 5.66% — — 84 — 4.70% — —
Other
Fixed Rate and Floating
Rate Notes due 2007–
2014(f) 222 69 6.83% 7.59% 2007 218 105 5.77% 6.38% 2006–2007
Tota l $42,747 $7,333 5.30% $30,781 $11,483 4.41%
(a) For floating rate debt issuances, the stated and effective interest rates were based on the respective rates at December 31, 2006 and 2005. These rates are
not indicative of future interest rates.
(b) At December 1, 2006, American Express Parent Company remarketed the $2 billion Convertible Debentures outstanding at December 31, 2005 into
unsecured 5.48 percent floating rate senior notes due 2033.
(c) During 2006, American Express Parent Company issued approximately $750 million of Subordinated Debentures due 2036. The maturity date will
automatically be extended to September 1, 2066, except in the case of (1) prior redemption or (2) default related to the debentures.
(d) American Express Travel Related Services Company, Inc. fixed and floating rate senior notes were issued by the Travel Related Services Parent Company.
(e) These balances include $2 billion and $1 billion notes which are subject to extension by the holders through March 5, 2008 and
June 20, 2011, respectively.
(f ) This balance includes $92 million and $93 million related to sale-leaseback transactions as of December 31, 2006 and 2005, respectively, as described in Note 11.