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Fitch gives B/RR4 to Springleaf notes
Fitch Ratings said it expects to assign a rating of B/RR4 to Springleaf Finance Corp.’s $500 million senior unsecured notes due May 2023.
Springleaf is a wholly owned subsidiary of OneMain Holdings, Inc., which has a long-term issuer default rating of B with a positive outlook.
Springleaf intends to use the proceeds for general corporate purposes and toward the repayment or repurchase of existing unsecured debt, which includes the $700 million 6¾% OneMain Financial Holdings, Inc. (OMFH) bonds that mature in 2019. Assuming these bonds are redeemed, the only remaining debt outstanding for OMFH would be the $800 million 7¼% senior unsecured notes due in 2021.
Fitch said the expected unsecured debt rating is equalized with Springleaf's long-term issuer default rating as well as its existing unsecured debt as the new notes will rank equally in the capital structure.
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