Bread Financial issues $400M of 8.375% subordinated notes due 2035

BREAD FINANCIAL HOLDINGS, INC.

$400M principal amount of 8.375% Fixed-Rate Reset Subordinated Notes due 2035.
Interest fixed at 8.375% until June 15, 2030, then reset to 5-year Treasury + 430 bps.
Notes mature June 15, 2035; subordinated unsecured with no subsidiary guarantees.
Redeemable at par on June 17, 2030 or within 90 days of a regulatory capital event.
Indenture includes no restrictive covenants except merger/asset sale restrictions.

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