Bread Financial Holdings Inc. (NYSE: BFH) announced the pricing of an underwritten public offering of 4.8 million depositary shares representing interests in its Series B preferred stock. Each depositary share represents a 1/40th interest in the 8.875% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, with a liquidation preference of $25 per depositary share.

The company granted underwriters an option to purchase up to an additional 720,000 depositary shares at the same price for 30 days following May 5, 2026. Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC, Wells Fargo Securities LLC and Keefe, Bruyette & Woods Inc. serve as representatives for the underwriters.

The offering is expected to close on May 12, 2026, and generate approximately $115.32 million in net proceeds after deducting underwriting discounts and estimated offering expenses, assuming the over-allotment option is not exercised. Bread Financial expects to apply to list the depositary shares on the New York Stock Exchange.

The company plans to use proceeds for general corporate purposes, which may include contributing or lending funds to its subsidiary bank, Comenity Capital Bank, and share repurchases.

Bread Financial is a financial services company that provides payment, lending and saving solutions to consumers. The company offers co-brand and private label credit cards for brands in travel, entertainment, retail and other sectors, as well as general purpose credit cards and saving products.

The offering is being conducted under an effective registration statement on Form S-3 filed with the Securities and Exchange Commission.