We advised Bread Financial on its high-yield debt offering

Davis Polk advised Bread Financial Holdings, Inc. in connection with a Rule 144A / Regulation S offering of $600 million aggregate principal amount of its 9.750% senior notes due 2029. The obligations under the notes are guaranteed by certain of Bread Financial’s subsidiaries. Bread Financial used the proceeds from the offering to (i) fund the redemption in full of its outstanding 4.750% senior notes due 2024, (ii) fund the repayment in full of existing term loans under its June 7, 2023, credit agreement and (iii) pay related fees, premiums and expenses, with any remaining proceeds to be used for general corporate purposes.

Bread Financial is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay buy now, pay later products. Headquartered in Columbus, Ohio, Bread Financial is powered by its 7,500+ global associates.

The Davis Polk corporate team included partner John B. Meade and associates Meaghan Kennedy, Logan Crossley and Courtney Clark. The finance team included partner Scott M. Herrig and associates Kendra L. Sandidge and Christina C. Bell. The financial institutions team included partner Eric McLaughlin and associates Jung Eun Choi and Billy Hicks. Members of the Davis Polk team are based in the New York and Washington DC offices.

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