Bread Financial Announces Private Offering of Senior Notes
Bread Financial (NYSE: BFH) announced on October 28, 2025 its intent to privately offer $500 million aggregate principal amount of senior notes.
The company plans to use net proceeds from the offering together with approximately $275 million cash on hand to redeem in full its outstanding 9.750% Senior Notes due 2029 (approximately $719 million principal outstanding), including payment of any make‑whole premium.
The new Notes will be fully guaranteed by domestic subsidiaries and will be offered only to qualified institutional buyers (Rule 144A) or non‑U.S. persons under Regulation S. Consummation is subject to market and other conditions and is not guaranteed.
Bread Financial (NYSE: BFH) ha annunciato il 28 ottobre 2025 la sua intenzione di offrire privatamente un importo principale aggregato di 500 milioni di dollari in note senior.
L'azienda intende utilizzare i proventi netti dell'offerta insieme a circa 275 milioni di dollari in contanti disponibili per rimborsare integralmente le sue attuali Senior Notes 9,750% due 2029 (circa 719 milioni di dollari di principale in circolazione), inclusa l'eventuale premio di make-whole.
Le nuove Note saranno integralmente garantite dalle filiali interne e saranno offerte solo a acquirenti istituzionali qualificati (Regola 144A) o a soggetti non statunitensi ai sensi del Regolamento S. Il perfezionamento è soggetto a condizioni di mercato e altre condizioni ed non è garantito.
Bread Financial (NYSE: BFH) anunció el 28 de octubre de 2025 su intención de ofrecer en privado un importe principal agregado de 500 millones de dólares en notas senior.
La empresa planea usar los ingresos netos de la oferta junto con aproximadamente 275 millones de dólares en efectivo disponible para canjear en su totalidad sus actuales Notas Senior 9,750% vencimiento 2029 (aproximadamente 719 millones de dólares de principal en circulación), incluido el pago de cualquier prima de make-whole.
Las nuevas notes serán totalmente garantizadas por filiales nacionales y se ofrecerán únicamente a compradores institucionales calificados (Regla 144A) o a personas fuera de EE. UU. bajo Regulación S. Su consumación está sujeta a condiciones de mercado y otras y no está garantizada.
Bread Financial (NYSE: BFH)는 2025년 10월 28일에 프라이빗 오퍼를 통해 5억 달러의 총원리금의 시니어 노트를 발행하겠다는 의사를 발표했다.
회사는 공모의 순이익을 현금 보유액 약 2억 7,500만 달러와 함께 사용하여 현재 남아 있는 9.750% 2029년 만기 시니어 노트를 전액 상환할 계획이며(메이크홀 프리미엄 포함), 남아 있는 발행액은 약 7억 19백만 달러의 원리금이다.
새로운 노트는 국내 자회사에 의해 전액 보증되며, 자격 있는 기관투자자(Rule 144A) 또는 Reg S에 해당하는 미국 외 자에 한해 제공될 예정입니다. 거래 성사 여부는 시장 상황 등 조건에 좌우되며 보장되지 않습니다.
Bread Financial (NYSE: BFH) a annoncé le 28 octobre 2025 son intention d’offrir privé un montant principal agrégé de 500 millions de dollars en obligations seniors.
L’entreprise prévoit d’utiliser les produits nets de l’offre, ainsi qu’environ 275 millions de dollars en liquide disponible pour racheter en totalité ses Senior Notes 9,750% échéant en 2029 (environ 719 millions de dollars de principal en circulation), y compris le paiement de tout prime de make-whole.
Les nouvelles obligations seront entièrement garanties par des filiales domestiques et seront offertes uniquement à des acheteurs institutionnels qualifiés (Règle 144A) ou à des personnes non-américaines en vertu du Règlement S. La réalisation est soumise aux conditions du marché et autres et n’est pas garantie.
Bread Financial (NYSE: BFH) gab am 28. Oktober 2025 bekannt, beabsichtigt zu privaten Anleihen in Höhe von insgesamt 500 Millionen Dollar Senior Notes öffentlich anzubieten.
Das Unternehmen plant, die Nettosummen aus dem Angebot zusammen mit etwa 275 Millionen Dollar Bargeld zu verwenden, um seine ausstehenden 9,750% Senior Notes due 2029 vollständig zu tilgen (insgesamt ca. 719 Millionen Dollar an ausstehendem Nennbetrag), einschließlich der Zahlung eines etwaigen Make-Whole-Premium.
Die neuen Notes werden vollständig von inländischen Tochtergesellschaften garantiert und werden nur an qualifizierte institutionelle Käufer (Rule 144A) oder an Personen außerhalb der USA gemäß Regulation S angeboten. Der Abschluss hängt von Markt- und anderen Bedingungen ab und ist nicht garantiert.
Bread Financial (NYSE: BFH) أعلنت في 28 أكتوبر 2025 عن نيتها في عرض خاص لإصدار 500 مليون دولار أمريكي كإجمالي قدر رئيسي لسندات senior.
تخطط الشركة لاستخدام صافي عوائد العرض مع نحو 275 مليون دولار نقداً موجوداً لديها لسداد كامل سنداتها الحالية سندات Senior 9.750% مستحقة عام 2029 (حوالي 719 مليون دولار من القيمة الاسمية القائمة)، بما في ذلك دفع أي علاوة make-whole.
ستكون السندات الجديدة مضمونة بالكامل من قبل الشركات التابعة المحلية وستعرض فقط على المشترين المؤسسيين المؤهلين (قاعدة 144A) أو أشخاص خارج الولايات المتحدة بموجب اللائحة S. إن الإتمام مشروط بظروف السوق وغيرها وليس مضمونا.
Bread Financial (NYSE: BFH) 于 2025年10月28日 宣布拟私下发行总额为5亿美元的高级票据。
公司计划将此次发行净收益与手头约2.75亿美元现金一并用于全额赎回其在手的2029年到期、票面利率9.750%的高级票据（约7.19亿美元的本金在外余额），包括支付任何完整罚金。
新票据将由国内子公司全额担保，并仅向合格机构买家（Rule 144A）或在Regulation S下的非美人士提供。成行为受市场及其他条件约束，不能得到保证。
- $500 million planned senior notes offering announced
- Plans to redeem $719 million of 9.750% notes due 2029
- Will use $275 million cash alongside offering proceeds
- New notes will have full domestic subsidiary guarantees
- Transaction completion is not guaranteed and is market‑dependent
- Notes will be unregistered and restricted to Rule 144A/Reg S
- Private offering may limit immediate liquidity for new noteholders
Insights
Bread Financial intends a $500
Bread Financial plans a private offering of senior notes of $500
The transaction remains conditional on market and other conditions, so successful execution and final economics are uncertain. Key dependencies to watch are completion of the offering and the final terms of the Notes, which determine funding cost and covenant profile; expect clarity in the near term as the company pursues the private placement and redemption process.
COLUMBUS, Ohio, Oct. 28, 2025 (GLOBE NEWSWIRE) -- Bread Financial Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today that it intends to offer, subject to market and other conditions,
The Company intends to use the net proceeds from the Notes offering, together with approximately
The Notes will be guaranteed, on a full, joint and several basis, by each of the Company’s domestic subsidiaries that guarantees the Company’s obligations under its existing senior notes and its senior credit facility. Consummation of the offering of the Notes 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 Notes will not be registered under the Securities Act, or any state securities laws. The Notes may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes will be offered only (A) to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act or (B) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.
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. This news release shall not constitute an offer to purchase, or a redemption notice for, any of the 2029 Notes.
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. To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.
Forward-looking Statements
This news release contains forward-looking statements, including, but not limited to, statements related to the Notes 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 (CECL) 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. (LVI) 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 senior notes did Bread Financial (BFH) announce on October 28, 2025?
How will Bread Financial (BFH) fund the redemption of its 9.750% notes due 2029?
Who can buy the new Bread Financial (BFH) notes in the October 2025 offering?
Will the new Bread Financial (BFH) notes be registered under the Securities Act?
Are the new Bread Financial (BFH) notes guaranteed?
Is the October 28, 2025 Bread Financial (BFH) offering certain to close?
