Bread Financial Holdings (BFH) said late Wednesday it priced a $400 million offering of of 8.375% fixed-rate reset subordinated notes due 2035 at 100% of the principal amount.
The notes issuance is expected to close on March 10 and result in about $395 million of net proceeds for the company, it said.
The company plans to lend at least $250 million of the net proceeds as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds to be used for general corporate purposes.
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