Springleaf Finance to price $300 million tap of 6 1/8% bullet notes due 2024 on Wednesday

By Paul A. Harris

Portland, Ore., June 26 – Springleaf Finance Corp. plans to price a $300 million add-on to its 6 1/8% senior bullet notes due March 15, 2024 (expected ratings Ba3/BB-) in a Wednesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial price talk has the deal coming at a reoffer price of 107, a trader said.

Goldman Sachs & Co. LLC is the left lead bookrunner for the public offering. Natixis Securities, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens Capital Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, NatWest Investments, RBC Capital Markets LLC and SG Americas Securities LLC are the joint bookrunners.

Mizuho Securities USA Inc. and Academy are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points until Sept. 15, 2023, then become callable at par. They are otherwise non-callable.

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

The original $1 billion issue priced on Feb. 20, 2019.

The add-on notes are set to become immediately fungible with original notes.

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