Bread Financial announces partial repurchase of convertible senior notes

Bread Financial Holdings has entered into separate, privately negotiated repurchase agreements with a limited number of holders of its 4.25% Convertible Senior Notes due 2028 to repurchase $237.6 million aggregate principal amount of the Notes for an aggregate cash repurchase price of approximately $350.0 million. The final aggregate cash repurchase price is subject to adjustment as a portion of the repurchase price will be based in part on the daily volume-weighted average price per share of the Company’s common stock over an agreed measurement period beginning on, and including, August 9, 2024. The Repurchases are expected to close shortly after completion of the measurement period, which is expected to be before the end of the current fiscal quarter, subject to the satisfaction of customary closing conditions. Following such closings, approximately $78.6 million principal amount of the Notes will remain outstanding, from an initial issued principal balance of $316.25 million.