Published on 2/20/2019 in the Prospect News High Yield Daily.
New Issue: Springleaf sells upsized $1 billion 6 1/8% five-year bullet at par
By Paul A. Harris
Portland, Ore., Feb. 20 – Springleaf Finance Corp. priced an upsized $1 billion issue of 6 1/8% five-year senior bullet notes (Ba3/BB-) at par to yield 6.123% in a Wednesday drive-by, according to a market source.
The issue size doubled from $500 million.
The yield printed slightly inside of the 6 1/8% to 6¼% yield talk.
Left lead Barclays will bill and deliver. Barclays and SG CIB were the joint active bookrunners.
Other bookrunners were Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used to redeem the Springleaf Finance 5¼% senior notes due December 2019.
The issuer is an indirect subsidiary of OneMain Holdings, Inc., an Evansville, Ind.-based consumer finance company.
| Issuer: | Springleaf Finance Corp.
|
| Amount: | $1 billion, increased from $500 million
|
| Maturity: | March 15, 2024
|
| Securities: | Senior notes
|
| Lead left: | Barclays (bill and deliver)
|
| Active bookrunners: | Barclays, SG CIB
|
| Joint bookrunners: | Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Co-managers: | Natixis, NatWest, Blaylock Van, Ramirez & Co. Inc.
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6.123%
|
| Spread: | 365 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Sept. 15, 2023, then callable at par; otherwise non-callable
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 22
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 6 1/8% to 6¼%
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
