Bread Financial launches preferred stock depositary share offering

Bread Financial Holdings Inc. (NYSE: BFH) announced the launch of an underwritten public offering of depositary shares, each representing a 1/40th interest in its Series A preferred stock. The depositary shares carry a liquidation preference of $25 per share, equivalent to $1,000 per share of the underlying preferred stock.

The company plans to list the depositary shares on the New York Stock Exchange. Bread Financial intends to use net proceeds for general corporate purposes, which may include contributing or lending funds to its subsidiary bank, Comenity Capital Bank, and share repurchases.

Wells Fargo Securities, J.P. Morgan Securities, Morgan Stanley & Co. and RBC Capital Markets are serving as joint bookrunners for the offering. The transaction is subject to market and other conditions, with no assurance the company will complete it on the described terms.

The offering is being conducted under an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission. A final prospectus supplement and accompanying prospectus will be filed with the SEC.

Bread Financial is a financial services company that provides payment, lending and saving solutions to consumers. The company also delivers private label and co-brand credit cards for brands in travel, entertainment, health, beauty, jewelry and specialty apparel sectors.

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