OneMain/Springleaf guiding $500 million seven-year notes in 7% area; pricing Thursday

By Paul A. Harris

Portland, Ore., March 8 – Springleaf Finance Corp., which does business as OneMain Financial Holdings Inc., plans to price $500 million of seven-year senior bullet notes in a quick-to-market Thursday trade trailing a late-morning conference call with investors, according to market sources.

Initial guidance has the deal coming to yield in the 7% area.

Barclays is the left bookrunner for the public offering. Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBC Capital Markets LLC and SG CIB are the joint bookunners. Sandler O’Neil and Williams are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points but are otherwise non-callable.

The Evansville, Ind.-based lender plans to use the proceeds for general corporate purposes, which may include a partial redemption of the OneMain Financial Holdings 7¼% senior notes due 2021, and for other debt repurchases and repayments.

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