Bread Financial Holdings $72.6 million preferred stock offering

Davis Polk advised Bread Financial Holdings, Inc. in the SEC-registered offering of 3,000,000 depositary shares, each representing a 1/40th interest in a share of its 8.625% non-cumulative perpetual preferred stock, Series A, par value $0.01 per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series A preferred stock). The net proceeds totaled approximately $72.6 million. The depositary shares will trade on the New York Stock Exchange under the symbol “BFH PrA.”

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, 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 and Michael Stromquist and associate Kimberly Hickey. The financial institutions team included partner Eric McLaughlin and associate Billy Hicks. Partner Lucy W. Farr and associate Omar Hersi provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.