Amex GBT launches $1B in 7NC3 notes at 7.625% to fund next phase
What's the deal? American ExpressDealroom has a profile for this one. Try Dealroom → Global Business Travel (Amex GBT) has launched $1 billion in 7NC3 notes carrying a 7.625% coupon. The move is part of the company's broader capital structure and liquidity strategy.
Why now? Amex GBT just posted strong third-quarter 2025 results, with revenue up 13% year-over-year to $674 million and adjusted EBITDA up 9% to $128 million.
It also raised full-year 2025 guidance, projecting about 12% revenue growth and adjusted EBITDA of $523 million to $533 million.
The momentum follows the September 2025 close of its CWTDealroom has a profile for this one. Try Dealroom → acquisition, giving the company a window to refinance and fund future growth.
What could go wrong? The 7.625% coupon is steep, adding to interest costs at a company already carrying $962 million in net debt as of September 30, 2025.
That said, its net debt-to-EBITDA ratio sits at a manageable 1.9x, and strong cash flow gives it room to service obligations.
The signal: The raise marks a milestone for Amex GBT as a mature provider of travel and expense management software and services, using debt rather than dilution to bankroll its next phase. With the CWT integration freshly closed and 1.9x leverage, the company is consolidating its position in corporate travel while doubling down on AI-driven tools to differentiate its platform.
Read more: AInvest
Image credit: World Travel & Tourism Council
