Monitor the listing of the depositary shares on the NYSE and any subsequent trading activity. The offering is a routine capital raise and does not signal a change in the company's operational outlook. No immediate trading catalyst is expected.
Price Chart
Executive Summary
Bread Financial Holdings issued 4,800,000 depositary shares (Series B Preferred Stock) at $25 per share, raising $116.2 million in net proceeds. The offering is a routine capital raise to bolster the company's balance sheet and is not tied to any specific acquisition or operational event. The filing also includes the related deposit agreement and certificate of designations.
Key Facts
- Issued 4,800,000 depositary shares (Series B Preferred Stock) at $25 per share.
- Aggregate offering size of $120 million ($138 million if over-allotment option is fully exercised).
- Net proceeds to issuer before expenses: $116,220,000.
- Underwriters have a 30-day option to purchase up to an additional 720,000 depositary shares.
- Dividend rate: 8.875% per annum fixed until December 15, 2031, then resets to Five-Year U.S. Treasury Rate plus 4.804%.
- Preferred stock is non-cumulative, perpetual, and ranks pari passu with existing Series A preferred stock.
- Depositary shares are expected to be listed on the NYSE under the symbol 'BFH PrB' within 30 days.
- Trade date was May 5, 2026; settlement date is May 12, 2026 (T+5).
Financial Impact
The company raised $116.2 million in net proceeds from the offering of Series B preferred stock.
Risk Factors
- Dilution of existing common equity holders' voting power and earnings per share.
- Fixed dividend obligation increases financial leverage and interest expense.
- Potential for redemption at the company's option after December 15, 2031, which could affect yield expectations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218648 |
| Document: d118407dex11.htm | 0001193125-26-218648 |
| Document: d118407dex31.htm | 0001193125-26-218648 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $101.09 | awaiting T+5 | — | $102.61 (+1.50%) |
Oct 27, 2026 today | 424B5 | $101.09 | awaiting T+5 | — | $102.61 (+1.50%) |
Oct 27, 2026 today | 8-K | $102.70 | awaiting T+5 | — | $102.61 (−0.09%) |
Oct 27, 2026 today | Press Release | $101.89 | awaiting T+5 | — | $102.61 (−0.71%) |
Oct 22, 2026 5d ago | 8-K | $102.45 | awaiting T+5 | — | $102.61 (+0.16%) |
Oct 22, 2026 5d ago | 8-K | $102.45 | awaiting T+5 | — | $102.61 (+0.16%) |
Oct 6, 2026 21d ago | Press Release | $97.80 | awaiting T+5 | — | $102.61 (+4.92%) |
Sep 15, 2026 6w ago | 8-K | $107.65 $108.53 | ▲ +0.82% | · 0.00% | $102.61 (−4.68%) |
Aug 17, 2026 10w ago | 8-K | $111.25 $105.19 | ▼ −5.45% | ▼ −4.26% | $102.61 (−7.77%) |
Aug 14, 2026 10w ago | Institutional Cluster | $111.25 $105.19 | ▼ −5.45% | ▼ −4.26% | $102.61 (−7.77%) |
US Market Status
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