Banking Recap

BREAD FINANCIAL HOLDINGS, INC. Prices Equity Offering for $75.0M

This transaction is a depositary shares and preferred stock offering by Bread Financial Holdings, Inc., trading under the ticker BFH, classified under the equity capital markets product group. The deal is classified within the financial institutions group sector, and the disclosed value of the offering is 75,000,000 dollars.

Nov 21, 2025·SEC EDGAR (424B5)·pending regulatory·depositary shares / preferred stock offering

Deal value

The transaction is sourced from an SEC EDGAR Form 424B5 filing published on November 21, 2025. Based on the facts provided, the deal's status is pending regulatory approval.

The underwriting syndicate on this offering is organized as a group of joint bookrunners, all serving the issuer, Bread Financial. Morgan Stanley, Wells Fargo Securities, RBC Capital Markets, and J.P. Morgan are all named as joint bookrunners, and each is identified as holding lead status on this offering. The source material lists these four firms together under the heading "Joint Bookrunners," reflecting a shared lead role across the syndicate rather than a single designated lead manager.

No legal advisor is identified for the issuer or for the underwriting syndicate in the facts provided for this transaction.

Beyond confirming that the offering is structured as depositary shares tied to a preferred stock offering, with a disclosed value of 75,000,000 dollars, no further detail on the specific dividend rate, liquidation preference, or other terms of the preferred stock is included in the facts available.

Several elements of this deal remain undisclosed. No legal advisor to the issuer or to the underwriters is identified, and no detail is provided on the dividend rate or other specific economic terms of the preferred stock or depositary shares. The facts also do not specify an expected closing or settlement date for the offering.