Springleaf offers $950 million notes in two parts in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Sept. 17 - Springleaf Finance Corp. plans to price $950 million of non-callable senior notes (existing ratings Caa1/CCC+) on Tuesday, according to a syndicate source.

The deal will be comprised of a $650 million tranche of notes due 2021 and a $300 million tranche of notes due 2023.

BofA Merrill Lynch is the left bookrunner for the Rule 144A with registration rights deal. Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The Evansville, Ind.-based consumer finance company plans to use the proceeds for general corporate purposes, including the repayment or repurchase of a portion of its outstanding debt.

In a Tuesday press release Springleaf announced that $500 million of the notes due 2021 and $200 million of the notes due 2023 are being issued in a concurrent exchange for $700 million of its outstanding 6.9% medium-term notes, series J, due 2017.

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