Springleaf Financial Funding to launch $3 billion term loan on Friday

By Sara Rosenberg

New York, April 28 - Springleaf Financial Funding Co. is set to hold a call on Friday at 11 a.m. ET to launch a $3 billion six-year senior secured term loan, according to a market source.

Bank of America Merrill Lynch is the lead arranger on the deal.

The term loan is talked at Libor plus 425 basis points with a 1.25% Libor floor and an original issue discount of 991/2, the source said.

There is hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance the company's existing term loan that was obtained last year at pricing of Libor plus 550 bps with a 1.75% Libor floor and sold at an original issue discount of 981/2.

Commitments are due at 5 p.m. ET on Wednesday.

Springleaf Financial is an Evansville, Ind.-based provider of loans, retail financing and other credit related products.

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