Springleaf Financial bonds firm as company files for IPO

By Paul Deckelman

New York, Aug. 16 - Springleaf Financial Corp.'s bonds were seen firmer in brisk morning trading on Friday after the consumer finance company filed paperwork with the Securities and Exchange Commission for an initial public offering.

A market source said that Springleaf's 6.9% notes due 2017 had risen about 7/8 point in early dealings, to 101 5/8 bid, on round-lot volume of about $7 million, making it one of the busiest issues in the high-yield space on an otherwise sleepy summer Friday.

Through its Springleaf Holdings LLC entity, the Evansville, Ind.-based company, which provides loan products to consumers through its branch network and online, filed to raise up to $50 million via the equity offering, with the proceeds expected to be used for general corporate purposes.

No pricing terms were disclosed in the S-1 filing or any information about the syndicate for the IPO.

Springleaf plans to list its shares on the New York Stock Exchange.

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