Bread Financial (BFH) announced the launch of an underwritten public offering of depositary shares, each representing a 1/40th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25 per Depositary Share. The Company expects to apply to list the Depositary Shares on The New York Stock Exchange. The Company intends to use the net proceeds from the sale of the Depositary Shares for general corporate purposes, which may include contributing or lending all or a portion of the proceeds to one of its subsidiary banks, Comenity Capital Bank, and share repurchases. Wells Fargo Securities, J.P. Morgan Securities, Morgan Stanley & Co. and RBC Capital Markets are acting as joint bookrunners for the offering.
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