OneMain/Springleaf to price $400 million five-year notes on Tuesday

By Paul A. Harris

Portland, Ore., May 12 – Springleaf Finance Corp., a subsidiary of OneMain Financial Holdings, Inc., plans to price a $400 million offering of five-year senior notes (existing unsecured ratings Ba3/BB-) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to a market source.

Joint bookrunner Barclays will bill and deliver for the public offering. Citigroup Global Markets Inc., BNP Paribas Securities Corp., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Natixis Securities Americas LLC, NatWest Markets Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Regions Securities LLC and SG CIB are the joint bookrunners.

Academy Securities Inc., R. Seelaus & Co. and Williams Capital Group LP are the co-managers.

The notes feature a make-whole call for the first two years, then callable at par plus 50% of coupon.

The Evansville, Ind.-based financial services provider plans to use the proceeds for general corporate purposes, which may include paydowns of its revolving credit facility.

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