Bread Financial Holdings (NYSE:BFH) prices private offering of $275M aggregate principal amount of its 4.25% convertible senior notes due 2028 in a private placement to eligible purchasers.
The initial purchasers sell more than $275M principal amount of convertible notes, the company has granted the initial purchasers the right to purchase within a 13-day period up to an additional $41.25M aggregate principal amount of convertible notes.
The sale of the convertible notes is expected to close on or about June 13, 2023.
Net proceeds of $265.5M expected.
The company intends to use $34.1M of the net proceeds to fund the cost of entering into privately negotiated capped call transactions and the remainder in connection with the refinancing of its existing credit agreement.