BREAD FINANCIAL HOLDINGS, INC. (BFH) Form 424B5 — Oct 28, 2026
Bread Financial Holdings priced a $125 million offering of depositary shares representing interests in 9.375% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C, at $25.00 per depositary share. The offering is expected to close on or about November 3, 2026, with depositary shares applying to list on the NYSE under 'BFH PrC.' Net proceeds are estimated at approximately $120.2 million ($138.3 million if underwriters exercise their 750,000-share over-allotment option in full), and will be used for general corporate purposes, potentially including contributions to subsidiary Comenity Capital Bank and share repurchases.
Key figures
- Greenshoe
- 750000
- Net Proceeds
- $120.2 million (or $138.3 million if over-allotment exercised in full)
- Reset Spread
- Five-Year U.S. Treasury Rate plus 4.535 percentage points after December 15, 2031
- Gross Proceeds
- 125000000
- Offering Price
- 25
- Preferred Rate
- 9.375% per annum fixed until First Reset Date
- Shares Offered
- 5000000
- Total Liabilities
- $19.9 billion (as of September 30, 2026)
- Underwriting Discount
- 3937500
- Liquidation Preference
- $25 per depositary share ($1,000 per share of Series C Preferred Stock)
- Preferred Shares Outstanding
- 210,000 shares (75,000 Series A, 135,000 Series B) prior to offering
- Nyse symbol
- BFH PrC
- First reset date
- December 15, 2031
- Depositary shares
- 5,000,000 (5,750,000 with greenshoe)
- First dividend date
- March 15, 2027
AI analysis
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