Bread Financial offers depositary shares representing Series B Preferred Stock with fixed-to-floating dividend rate; size and pricing terms not yet disclosed

Filed May 5, 2026 · ~2 min read

Key Changes

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  Bread Financial is offering depositary shares representing Series B Preferred Stock with a fixed dividend rate for the first 5 years, then resetting every 5 years to Five-Year U.S. Treasury Rate plus a spread. Each depositary share represents 1/40th of a preferred share with $25 liquidation preference per depositary share.

  The Offering verify on EDGAR →
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  Dividends are non-cumulative and discretionary: if the Board does not declare a dividend for any period, that dividend is permanently lost and does not accumulate, even if dividends are declared in future periods.

  Risk Factors verify on EDGAR →
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  The Series B Preferred Stock is perpetual with no maturity date. The company may optionally redeem at $25 per depositary share plus declared unpaid dividends on the First Reset Date (5 years from issuance) or any subsequent dividend payment date, or in whole within 90 days of a regulatory capital treatment event.

  The Offering verify on EDGAR →