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Bread Financial Holdings, Inc. (NYSE:BFH) ("Bread Financial" or the "Company") announced today the pricing and upsize of its previously announced offering of $600 million in aggregate principal amount of its 9.750% senior notes due 2029 (the "Notes"), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The size of the offering reflects an increase of $100 million in aggregate principal amount of Notes from the previously announced offering size of $500 million. The Notes will be sold at a price of 100% of the principal amount thereof. The closing of the issuance of the Notes is expected to occur on December 22, 2023, subject to customary closing conditions, and is expected to result in approximately $592.5 million in net proceeds to the Company, after deducting the initial purchasers' discount but before the Company's estimated offering expenses.
The Company intends to use the net proceeds from the Offering to (i) fund the redemption in full of the Company's outstanding 4.750% Senior Notes due 2024, (ii) fund the repayment in full of the Company's existing term loans under the Company's existing credit agreement and (iii) pay related fees, premiums and expenses, with any remaining proceeds to be used for general corporate purposes.
The Notes will be guaranteed, on a full, joint and several basis, by each of the Company's domestic subsidiaries that guarantees the Company's obligations under its existing senior notes and its senior credit facilities.
Posted In: BFH
