Latham & Watkins Advises on Bread Financial’s Private Offering of US$400 Million of Subordinated Notes

Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of US consumers, has offered US$400 million in aggregate principal amount of its 8.375% fixed-rate reset subordinated notes due 2035, in a private offering that is exempt from the registration requirements of the Securities Act of 1933. The offering closed on March 10, 2025.

Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by partners Corey Wright and Erika Weinberg, with associates Sofia Sitterson and Robin Spiess. Advice was also provided on bank regulatory matters by partner Arthur Long and counsel Pia Naib; and on tax matters by partner Elena Romanova, with associate Nick Sun.