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 $500 million aggregate principal amount of its 6.750% senior notes due 2031. The obligations under the notes are guaranteed by certain of Bread Financial’s subsidiaries. Bread Financial used the proceeds from the offering to fund the redemption in full of its outstanding 9.750% senior notes due 2029.

Bread Financial is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Bread Financial’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 Bread Financial 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.

The Davis Polk corporate team included partner John B. Meade, counsel Meaghan Kennedy, associate Walker Halstad and law clerk Federico Pollevick. The financial institutions team included partner Eric McLaughlin and associate Billy Hicks. Partner Lucy W. Farr, associate Omar Hersi and law clerk YJ Lee provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC office.

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