Paul Hastings LLP announced on May 13 that it advised the underwriters for Bread Financial Holdings’ registered offering of 5,400,000 depositary shares. Each share represents a 1/40th interest in an 8.875% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B.
The transaction generated proceeds of approximately $131.7 million before deducting expenses payable by Bread Financial. The depositary shares are set to trade on the New York Stock Exchange under the symbol BFH PrB.
Partners Corey Wright and Jeff Ramsay led the Paul Hastings team working on this matter. Other members included partner Daniel Nicholas, of counsel Amir Heyat and Lawrence Kaplan, as well as associates Celia Scherman, Kenneth Bagdasar and Declan Considine.
Paul Hastings said its firm has elite teams across 17 core practices and focuses on providing intellectual capital and execution to investment banks, asset managers and corporations globally.
The completion of this offering marks another major financial transaction involving both Bread Financial Holdings and Paul Hastings.
