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OneMain Financial sets talk in $1 billion two-part notes offering
By Paul A. Harris
Portland, Ore., Dec. 8 – OneMain Financial Holdings, Inc. set price talk in its $1 billion two-part offering of senior notes (B2/B+), according to a syndicate source.
Talk is 6¾% for the five-year notes, which come with two years of call protection. And talk is 7¼% for the seven-year notes, which come with three years of call protection.
Books close at noon ET on Monday, and the Rule 144A and Regulation S deal is set to price thereafter.
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 the 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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