Springleaf/OneMain driving by with $500 million 10-year bullet; initial talk mid-to-high 5% area

By Paul A. Harris

Portland, Ore., Nov. 5 – Springleaf Finance Corp., a subsidiary of OneMain Financial Holdings, Inc., plans to sell $500 million of 10-year senior bullet notes (expected ratings Ba3/BB-) in a quick-to-market Tuesday trade following a late-morning conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the mid-to-high 5% area, a bond trader said.

Joint bookrunner RBC Capital Markets LLC will bill and deliver for the public offering. Goldman Sachs & Co. LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, NatWest Markets, Regions Securities LLC and SG CIB are the joint bookrunners.

Natixis Securities Americas LLC, Ramirez & Co. and R Seelaus & Co. are the co-managers.

The notes become callable six months prior to maturity at par but are otherwise non-callable.

The Evansville, Ind.-based financial services provider plans to use the proceeds for general corporate purposes, which may include debt repurchases and repayments.

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