Bread Financial Holdings, Inc. announced the launch of a public offering of depositary shares representing interests in its Series B Preferred Stock, with proceeds for general corporate purposes including potential contributions to Comenity Capital Bank and share repurchases.
Key takeaways
Launched public offering of Depositary Shares, each representing 1/40th interest in Series B Preferred Stock with $25 liquidation preference per Depositary Share.
Intends to use net proceeds for general corporate purposes, including contributions or loans to subsidiary Comenity Capital Bank and share repurchases.
Expects to list Depositary Shares on The New York Stock Exchange.
Joint bookrunners: Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, Wells Fargo Securities, LLC, and Keefe, Bruyette & Woods.
Offering subject to market and other conditions; no assurance of completion.