We advised Bread Financial on its high-yield debt offering

Davis Polk advised Bread Financial Holdings, Inc. in connection with a Rule 144A / Regulation S offering of $300 million aggregate principal amount of its 9.750% senior notes due 2029. The notes are a reopening of the $600 million 9.750% senior notes due 2029 issued by Bread Financial on December 22, 2023. The obligations under the notes are guaranteed by certain of Bread Financial’s subsidiaries. Bread Financial used the proceeds from the offering, together with cash on hand, to fund the redemption of $400 million aggregate principal amount of the company’s outstanding 7.000% senior notes due 2026 and pay related fees, premiums and expenses.

Bread Financial is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay buy now, pay later products. Headquartered in Columbus, Ohio, Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback American Express Credit Card and Bread Savings products.

The Davis Polk corporate team included partner John B. Meade and associates Meaghan Kennedy and Logan Crossley. Partner Lucy W. Farr and associates Michelle Zhao and Alex Ang Gao provided tax advice. Counsel Leon E. Salkin provided Investment Company Act advice. All members of the Davis Polk team are based in the New York office.