Bread Financial Announces Refinancing Commitments

Bread Financial Holdings, Inc. (NYSE: BFH) announced today that it has entered into a credit agreement with JPMorgan Chase Bank, N.A., and other financial institutions, pursuant to which the lenders have agreed to provide a $700 million senior unsecured revolving credit facility and a $575 million senior unsecured delayed draw term loan facility, subject to certain conditions. The effectiveness of this new credit facility will be subject to customary closing conditions and the completion of one or more capital markets transactions, as described in Bread Financial’s current report on Form 8-K filed today with the Securities and Exchange Commission. This new credit facility will replace the Company’s existing credit facility and will mature three years after entry into the new credit facility.

“Today’s announcements align with our stated goals of reducing total debt over time in an efficient manner to further strengthen our balance sheet. The new facilities underscore the support of our lenders and confidence in our business and long-term strategy. Our bank boards have approved a $500 million dividend from the banks to our parent company in the second quarter of 2023 for planned debt reduction,” said Ralph Andretta, president and chief executive officer of Bread Financial. “Together with strong free cash flow generation, we believe our balance sheet management actions further increase our financial flexibility and support our continued growth.”

About Bread Financial

Bread Financial^TM (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive product suite, including private label and co-brand credit cards, installment lending, and buy now, pay later (BNPL). Bread Financial also offers direct-to-consumer solutions that give customers more access, choice and freedom through its branded Bread Cashback^TM American Express Credit Card and Bread Savings^TM products.