Bread Financial Holdings, Inc. has announced the early tender results of its cash tender offer for its 9.750% senior notes due 2029. As of the early participation date, a total of approximately $536,786,000 in aggregate principal amount of the notes had been validly tendered and not validly withdrawn. This amount exceeds the tender cap of $150,000,000, which means that not all of the tendered notes will be accepted for purchase.
The total consideration for each $1,000 principal amount of notes, excluding accrued interest payable, is set at $1,071.25. The company expects to accept approximately $149,988,000 in aggregate principal amount of notes for purchase, subject to satisfaction or waiver of the conditions set forth in the offer to purchase. This represents a significant portion of the total outstanding principal amount of $900,000,000.
The tender offer is scheduled to expire on June 20, 2025, and no notes tendered after the early participation date will be accepted for purchase. The settlement of the accepted notes is anticipated to occur on June 9, 2025.
J.P. Morgan Securities LLC acted as the sole lead dealer manager for the tender offer, with several other institutions serving as co-dealer managers.
It's important to note that this news release contains forward-looking statements and that the tender offer was made in compliance with applicable laws and regulations.
These figures indicate a substantial response to the cash tender offer, with a significant portion of the notes expected to be accepted for purchase, which could have implications for Bread Financial Holdings, Inc.'s financial position and capital structure. As a result of these announcements, the company's shares have moved -0.52% on the market, and are now trading at a price of $49.72. For the full picture, make sure to review BREAD FINANCIAL HOLDINGS, INC.'s 8-K report.
