Bread Financial launches offering of depositary shares representing Series C preferred stock
BFH•Bread Financial launched an underwritten public offering of depositary shares, each representing a 1/40th interest in its Series C preferred stock and carrying a $25 liquidation preference. The company plans to use net proceeds for general corporate purposes, potentially including funding Comenity Capital Bank or share repurchases.
1. Offering details
Each depositary share represents a 1/40th interest in Bread Financial’s Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, with a $25 liquidation preference per depositary share, or $1,000 per preferred share. Net proceeds are intended for general corporate purposes, potentially including funding Comenity Capital Bank or share repurchases; Bread Financial expects to apply to list the depositary shares on the New York Stock Exchange.
