BREAD FINANCIAL HOLDINGS, INC. — Form 8-K
Filed November 3, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 52/100
What the filing says
Bread Financial Holdings completed a public offering of 5,000,000 depositary shares (representing 125,000 shares of 9.375% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C) at $25 per depositary share on November 3, 2026. The gross proceeds were approximately $121.1M (before underwriting discounts of 3.15%). The offering was underwritten by Morgan Stanley, Keefe Bruyette Woods, RBC Capital Markets, UBS Securities, and Wells Fargo Securities, with 10 co-managers. Each depositary share represents a 1/40th interest in one preferred share with a $1,000 liquidation preference, paying a fixed 9.375% annual dividend initially, resetting to a floating rate (Five-Year Treasury + 4.535%) from December 2031 onward.
Why this rating
Capital raise of ~$121M is ~4.5% of company's $2.7B market cap—material but not transformational. Preferred equity is subordinated debt-like financing with no dilution to common equity; typical capital structure management for a financial services company.
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