Bread Financial Holdings, Inc. announced on October 27, 2026, the launch of a public offering of depositary shares. Each depositary share represents a one-fortieth interest in a share of the company’s Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C.
The offering is structured with a liquidation preference of $25 per depositary share, which is equivalent to $1,000 per share of the Series C Preferred Stock. The company intends to apply for the listing of these depositary shares on The New York Stock Exchange.
Bread Financial stated that the net proceeds from the sale will be used for general corporate purposes. These purposes may include contributing or lending a portion of the proceeds to its subsidiary bank, Comenity Capital Bank, as well as for share repurchases.
The offering is being underwritten by a group of financial institutions, including Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, A Stifel Company, RBC Capital Markets, LLC, UBS Investment Bank, and Wells Fargo Securities, LLC.
Consummation of the offering is subject to market and other conditions, and there is no assurance that the company will successfully complete the transaction on the terms described or at all.
