Bread Financial expected to price $500 million 5.25-year senior notes on Tuesday

By Paul A. Harris

Portland, Ore., Dec. 11 – Bread Financial Holdings, Inc. plans to price a $500 million offering of 5.25-year senior notes (//BB-) on Tuesday, according to market sources.

Initial guidance has the notes coming to yield in the low-10% area.

The notes come with 2.25 years of call protection.

J.P. Morgan Securities LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC World Markets Corp., KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc., Truist Securities Inc., RBC Capital Markets LLC and U.S. Bancorp Investments Inc. are the joint bookrunners.

Th Columbus, Ohio-based financial services company plans to use the proceeds to fully redeem its 4¾% senior notes due 2024 and repay a portion of the term loans under its credit facility.

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