Bread Financial Launches Series C Preferred Depositary Share Offering

Bread Financial Holdings Inc. launched an underwritten offering Tuesday of depositary shares tied to its Series C preferred stock, with proceeds intended for general corporate use but key pricing and dividend terms still unset. Each depositary share represents a 1/40th interest in one share of the company’s Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C. The depositary share has a $25 liquidation preference; the underlying preferred share has a $1,000 liquidation preference. Bread Financial plans to use the net proceeds for general corporate purposes. Possible uses include contributing or lending funds to Comenity Capital Bank or repurchasing shares.

Source: TokenPost