Bread Financial Holdings, Inc. (NYSE: BFH) has announced the launch of an underwritten public offering of depositary shares, with each representing a 1/40th interest in a share of its non-cumulative perpetual preferred stock, Series A. The liquidation preference of these depositary shares is $25 per share, equivalent to $1,000 per share of Series A preferred stock.
The company intends to use the net proceeds from the sale of the depositary shares for general corporate purposes, including contributing or lending a portion of the proceeds to one of its subsidiary banks, Comenity Capital Bank, and share repurchases.
Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC are acting as joint bookrunners for the offering.
This offering is subject to market and other conditions and is being made pursuant to an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) and a prospectus supplement.
Bread Financial, a tech-forward financial services company, provides payment, lending, and saving solutions to millions of U.S. consumers. The company's payment solutions, including general purpose credit cards and savings products, aim to empower its customers and their passions for a better life. Additionally, Bread Financial delivers growth for recognized brands in travel and entertainment, health and beauty, jewelry, and specialty apparel through their private label and co-brand credit cards and pay-over-time products.
No specific financial metrics or changes have been provided in the press release. Today the company's shares have moved -0.05% to a price of $62.32. If you want to know more, read the company's complete 8-K report here.
