OneMain/Springleaf to price $400 million tap of 7 1/8% notes due 2026 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Aug. 8 – OneMain Holdings Inc.’s subsidiary Springleaf Finance Corp. plans to price a $400 million add-on to its 7 1/8% senior bullet notes due March 15, 2026 in a quick-to-market trade on Wednesday following a mid-morning conference call with investors, according to market sources.

Initial price talk is par to par ½.

Goldman Sachs & Co. is the left bookrunner for the public offering. Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co., RBC Capital Markets LLC and SG CIB are joint bookrunners.

Academy Securities Inc., JMP Group LLC and R. Seelaus & Co. Inc. are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points. They are otherwise non-callable.

The original $900 million issue priced at par on May 9, 2018.

The Evansville, Ind.-based consumer finance company plans to use the proceeds for general corporate purposes which may include debt repurchases and repayments.

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