Bread Financial Holdings Inc. (NYSE: BFH) announced the launch of an underwritten public offering of depositary shares representing interests in its Series B preferred stock. Each depositary share represents a 1/40th interest in a share of Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with a liquidation preference of $25 per depositary share.

The company plans to apply for listing of 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.

Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Investment Bank, Wells Fargo Securities LLC, and Keefe, Bruyette & Woods serve as joint bookrunners for the offering.

The offering is being conducted under an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission. Completion of the transaction remains subject to market and other conditions, with no assurance the company will successfully complete the offering on the described terms.

Bread Financial is a financial services company that provides payment, lending and saving solutions to consumers. The company operates co-brand and private label credit cards for retailers in travel, entertainment, specialty apparel, health and beauty, jewelry, sporting goods, technology, electronics, home and furniture sectors.

Information in this article is based on a company press release.