We advised Bread Financial on its subordinated debt offering

Davis Polk advised Bread Financial Holdings, Inc. in connection with a Rule 144A / Regulation S offering of $400 million aggregate principal amount of its 8.375% fixed-rate reset subordinated notes due 2035. Bread Financial intends to lend a portion of the proceeds from the offering as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds intended to be used for general corporate purposes, which may include share repurchases.

Bread Financial is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions to millions of U.S. customers. Bread Financial’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, Bread Financial delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers. Headquartered in Columbus, Ohio, Bread Financial is powered by its 6,000 global associates.

The Davis Polk corporate team included partner John B. Meade, associates Meaghan Kennedy and Walker Halstad. The finance team included partner Scott M. Herrig and associates Kendra L. Sandidge and Reem Z. Ali. The financial institutions team included partner Eric McLaughlin and associate Mitchell Murphy. Partner Lucy W. Farr and associates Omar Hersi and Alex (Ang) Gao provided tax advice. Counsel Leon E. Salkin provided Investment Company Act advice. Members of the Davis Polk team are based in the New York and London offices

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