Bread Financial Announces Launch of an Offering of Depositary Shares Representing Interests in Its Series A Preferred Stock
Bread Financial (NYSE: BFH) launched an underwritten public offering of depositary shares, each representing a 1/40th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series A.
Each Depositary Share has a $25 liquidation preference (equivalent to $1,000 per Series A share). The company expects to apply to list the Depositary Shares on the New York Stock Exchange and intends to use net proceeds for general corporate purposes, which may include contributing or lending proceeds to subsidiary Comenity Capital Bank and share repurchases. Joint bookrunners are Wells Fargo Securities, J.P. Morgan, Morgan Stanley, and RBC Capital Markets. The offering is subject to market and other conditions and will be made under an effective Form S-3 with a prospectus supplement to be filed with the SEC.
Bread Financial (NYSE: BFH) ha avviato un'offerta pubblica sottoscritta di azioni di deposito, ciascuna rappresentante una interesse di 1/40 in una quota delle sue Azioni privilegiate perpetue non cumulatives, Serie A.
Ogni Azione di Deposito ha una preferenza di liquidazione di 25 dollari (equivalente a 1.000 dollari per azione Serie A). L'azienda prevede di chiedere la quotazione delle Azioni di Deposito sul New York Stock Exchange e intende utilizzare i proventi netti per scopi aziendali generali, che possono includere contribuire o prestare i proventi alla controllata Comenity Capital Bank e riacquisti di azioni. I joint bookrunners sono Wells Fargo Securities, J.P. Morgan, Morgan Stanley e RBC Capital Markets. L'offerta è soggetta a condizioni di mercato e altre condizioni e sarà realizzata nell'ambito di un modulo Form S-3 efficace con un supplemento di prospetto da depositare presso la SEC.
Bread Financial (NYSE: BFH) lanzó una oferta pública suscrita de acciones de depósito, cada una representando una participación de 1/40 en una acción de sus acciones preferentes perpetuas no acumulativas, Serie A.
Cada Acción de Depósito tiene una preferencia de liquidación de $25 (equivalente a $1,000 por acción de la Serie A). La empresa espera solicitar la cotización de las Acciones de Depósito en la New York Stock Exchange y tiene la intención de usar los ingresos netos para fines corporativos generales, que pueden incluir aportar o prestar ingresos a la filial Comenity Capital Bank y recompras de acciones. Los colocadores conjuntos son Wells Fargo Securities, J.P. Morgan, Morgan Stanley y RBC Capital Markets. La oferta está sujeta a condiciones de mercado y otras condiciones y se realizará bajo un Formulario S-3 efectivo con un suplemento de prospecto que se presentará ante la SEC.
Bread Financial (NYSE: BFH)은 예탁주를 공개 매출하는 공모를 시작했습니다. 각 예탁주는 1/40 지분을 대표하며, 회사의 비누적적 무기한 우선주, 시리즈 A 주식에 해당합니다.
각 예탁주는 청산우선권 25달러를 가지며(시리즈 A 주당 1,000달러에 상응). 회사는 예탁주를 뉴욕 증권거래소에 상장 신청할 예정이며 순매수대금은 일반 기업용으로 사용할 계획이며, 이는 자회사 Comenity Capital Bank에 대출하거나 로드백(주식 재매입) 등을 포함할 수 있습니다. 공동 주간사는 Wells Fargo Securities, J.P. Morgan, Morgan Stanley 및 RBC Capital Markets입니다. 공모는 시장 및 기타 조건에 따라 달라지며 SEC에 제출될 유효한 Form S-3와 함께 프록시(설명서 보충서)가 제출될 예정입니다.
Bread Financial (NYSE: BFH) a lancé une offre publique souscrite d'actions de dépôt, chacune représentant une participation de 1/40 dans une action de ses actions privilégiées perpétuelles non cumulatives, série A.
Chaque action de dépôt présente une préférence de liquidation de 25 $ (équivalente à 1 000 $ par action de la série A). L'entreprise prévoit de demander l'inscription des actions de dépôt sur le New York Stock Exchange et prévoit d'utiliser le produit net pour des besoins généraux d'entreprise, qui pourraient inclure contribuer ou prêter les produits à sa filiale Comenity Capital Bank et des rachat d'actions. Les coordinateurs de l'émission sont Wells Fargo Securities, J.P. Morgan, Morgan Stanley et RBC Capital Markets. L'offre est soumise à des conditions de marché et autres conditions et sera faite sous une forme Form S-3 avec un supplément de prospectus à déposer à la SEC.
Bread Financial (NYSE: BFH) hat eine unterzeichnete öffentliche Offerte von Depositary Shares gestartet, von denen jede eine 1/40-Anteil an einer Aktie ihrer Nicht kumulativen unbefristeten Vorzugsaktien, Serie A darstellt.
Jede Depositary Share hat eine Liquidationspräferenz von 25 USD (entspricht 1.000 USD pro Aktie der Serie A). Das Unternehmen beabsichtigt, die Depositary Shares an der New York Stock Exchange zu listen, und plant, die Nettobarwerte für allgemeine Unternehmenszwecke zu verwenden, zu denen das Bereitstellen oder Leihen der Erlöse an die Tochtergesellschaft Comenity Capital Bank und Aktienrückkäufe gehören kann. Gemeinschaftliche Buchführer sind Wells Fargo Securities, J.P. Morgan, Morgan Stanley und RBC Capital Markets. Die Offerte steht unter Markt- und anderen Bedingungen und erfolgt gemäß einem wirksamen Form S-3 mit einem Prospektzusatz, der bei der SEC eingereicht wird.
Bread Financial (NYSE: BFH) أطلقت عرضاً عاماً مُلتزم by إصدار أسهم ايداعية، كل منها يمثل حقوق حصة 1/40 في سهم من الأسهم الممتازة الدائمة غير التراكمية، السلسلة أ.
كل سهم ايداع له أولوية تصفية بقيمة 25 دولاراً (تعادل 1000 دولار لكل سهم من السلسلة أ). تتوقع الشركة الطلب أن تُدرج أسهم الإيداع في بورصة نيويورك وتعتزم استخدام العائدات الصافية للأغراض العامة للشركة، والتي قد تشمل المساهمة أو إقراض العوائد إلى شركةها التابعة Comenity Capital Bank و إعادة شراء الأسهم. المتعهدون المشتركون هم Wells Fargo Securities وJ.P. Morgan وMorgan Stanley و RBC Capital Markets. العرض خاضع لشروط السوق وغيرها من الشروط وسيتم وفق نموذج Form S-3 الفعّال مع مرفق نشرة اكتتاب سيُقدم إلى هيئة الأوراق المالية.
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Insights
Bread Financial launches a depositary share offering to raise capital via perpetual preferred equity; proceeds for general corporate uses.
Bread Financial is offering depositary shares representing 1/40th of its Series A non‑cumulative perpetual preferred stock with a liquidation preference of
The business mechanism is straightforward: this is a capital‑raising using preferred equity delivered as depositary shares, which provides funding without increasing common equity share count. The company states proceeds may be used for general corporate purposes, possibly including contributions or loans to its subsidiary bank and share repurchases; those stated uses imply flexible deployment but do not commit proceeds to a specific project.
Key dependencies and risks include market conditions and successful syndication—the company notes completion is subject to market and other conditions—so execution risk is material in the near term. Monitor the final prospectus supplement for exact size, pricing, dividend terms, any caps or conversion rights, and whether proceeds will be deployed to the subsidiary bank or to share buybacks; expect those disclosures within days of the filing referenced on
COLUMBUS, Ohio, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Bread Financial Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today the launch of an underwritten public offering of depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series A, par value
The Company expects to apply to list the Depositary Shares on The New York Stock Exchange.
The Company intends to use the net proceeds from the sale of the Depositary Shares for general corporate purposes, which may include contributing or lending all or 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.
Consummation of the offering of the Depositary Shares is subject to market and other conditions, and there can be no assurance that the Company will be able to successfully complete this transaction on the terms described above, or at all.
The offering is being made pursuant to an effective registration statement (including a prospectus) on Form S-3 previously filed with the Securities and Exchange Commission (“SEC”) and a prospectus supplement. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from Wells Fargo Securities, LLC at 1-800-645-3751; J.P. Morgan Securities LLC at 1-212-834-4533; Morgan Stanley & Co. LLC at 1-866-718-1649; and RBC Capital Markets, LLC at 1-866-375-6829.
This news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of a prospectus supplement and accompanying base prospectus relating to this offering.
About Bread Financial®
Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most 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 providing choice and value to their shared customers.
Forward-looking Statements
This news release contains forward-looking statements, including, but not limited to, statements related to the Depositary Shares offering described above. Forward-looking statements give the Company’s expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements made regarding, and the guidance given with respect to, the Company’s anticipated operating or financial results, future financial performance and outlook, future dividend declarations or stock repurchases and future economic conditions.
The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that the Company’s expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including significant shifts in trade policy, such as changes to, or the imposition of, tariffs and/or trade barriers and any economic impacts, volatility, uncertainty and geopolitical instability resulting therefrom, as well as ongoing wars and military conflicts, and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and charge-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company operates, including competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment and deposit solutions; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the allowance for credit losses that may result from the application of the current expected credit loss model; inaccuracies in the models and estimates on which the Company rely, including the amount of the Company’s allowance for credit losses and its credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon brand partners, including brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of the Company’s subsidiary banks, Comenity Bank and Comenity Capital Bank (the “Banks”), to pay dividends to it; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures or breaches in operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third party supply chain issues; any tax or other liability, or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. and certain of its subsidiaries, and subsequent litigation or other disputes. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
Contacts
Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com
Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com
Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com
FAQ
What did Bread Financial (BFH) announce on November 20, 2025?
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What will Bread Financial (BFH) use the proceeds from the depositary share offering for?
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Is the BFH depositary share offering guaranteed to close?
