Corporate ActionMay 12, 2026, 12:31 PM
Bread Financial Issues 8.875% Series B Preferred Stock
AI Summary
Bread Financial Holdings, Inc. has completed the issuance and sale of 5,400,000 depositary shares, each representing a 1/40th interest in its newly established 8.875% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B. This includes shares purchased through the underwriters' over-allotment option. The company filed a Certificate of Designations, effective May 12, 2026, which establishes the rights and preferences of the Series B Preferred Stock and amends the company's certificate of incorporation.
Key Highlights
- Bread Financial issued 8.875% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B.
- The Series B Preferred Stock has a liquidation preference of $1,000 per share.
- The company sold 5,400,000 depositary shares, each representing a 1/40th interest in a Series B Preferred Stock share.
- This includes 600,000 depositary shares purchased via the underwriters' over-allotment option.
- The Certificate of Designations, effective May 12, 2026, amends the company's Third Amended and Restated Certificate of Incorporation.
- Restrictions apply to dividend payments on junior stock if Series B dividends are not paid.
Price Impact
More from BFH