Bread Financial Holdings $72.6 Million Preferred Stock Offering

Davis Polk represented Bread Financial Holdings, Inc. in connection with an SEC-registered offering of preferred securities. The transaction comprised the offering of 3,000,000 depositary shares, each representing a 1/40th interest in a share of Bread Financial Holdings, Inc.'s 8.625% non-cumulative perpetual preferred stock, Series A, par value $0.01 per share. The depositary shares carry a liquidation preference of $25 per depositary share, equivalent to $1,000 per share of Series A preferred stock. The offering generated net proceeds of approximately $72.6 million. The depositary shares will trade on the New York Stock Exchange under the symbol BFH PrA. Bread Financial is a technology-forward financial services company that provides payment, lending and savings solutions to millions of U.S. consumers, including general purpose credit cards, private label and co-brand credit cards and pay-over-time products. Davis Polk represented Bread Financial Holdings, Inc. with a team composed by: partner John B. Meade (corporate); counsel Meaghan Kennedy (corporate); counsel Michael Stromquist (corporate); associate Kimberly Hickey (corporate associate); partner Eric McLaughlin (financial institutions); associate Billy Hicks (financial institutions associate); partner Lucy W. Farr (tax); associate Omar Hersi (tax associate). Members of the Davis Polk team were based in the New York and Washington, D.C. offices.

Bread Financial Holdings $72.6 Million Preferred Stock Offering

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