OneMain starts roadshow for $1 billion two-part senior notes offering

By Paul A. Harris

Portland, Ore., Dec. 1 – OneMain Financial Holdings, Inc. began a roadshow on Monday for a $1 billion two-part offering of senior notes (expected B2/confirmed B+), according to a syndicate source.

The Rule 144A and Regulation S deal, which is expected to price on Dec. 8, is coming in tranches of five-year notes, which come with two years of call protection, and seven-year notes, which come with three years of call protection.

Citigroup Global Markets Inc. is the bookrunner.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are joint lead managers.

Blackstone, ING, MCS, PNC Capital Markets, RBC Capital Markets, RBS Securities Inc., Santander, Drexel Hamilton, Lebenthal, SMBC Nikko and SG CIB are co-managers.

The notes in both tranches feature 35% equity clawbacks. They also feature investor puts at 101%, which can be triggered by a change of control and downgrades from both rating agencies due to a change of control.

Proceeds will be used to repay inter-company debt from Citigroup.

OneMain Financial, formerly CitiFinancial, is a Baltimore-based consumer finance company.

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