Published on 11/5/2019 in the Prospect News High Yield Daily.
New Issue: Springleaf/OneMain sells upsized $750 million 10-year bullet at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., Nov. 5 – Springleaf Finance Corp., a subsidiary of OneMain Financial Holdings, Inc., priced an upsized $750 million issue of 10-year senior bullet notes (Ba3/BB-/BB+) at par to yield 5 3/8% in a quick-to-market Tuesday trade, according to market sources.
The issue size increased from $500 million.
The yield printed in the middle of yield talk in the 5 3/8% area. Initial guidance was in the mid-to-high 5% area.
RBC Capital Markets LLC will bill and deliver. Bookrunners were RBC Capital Markets, 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, Regions Securities Inc. and SG CIB.
The Evansville, Ind.-based financial services provider plans to use the proceeds, including the additional proceeds resulting from the $250 million upsizing of the deal, for general corporate purposes, which may include debt repurchases and repayments.
| Issuer: | Springleaf Finance Corp.
|
| Amount: | $750 million, increased from $500 million
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| Maturity: | Nov. 15, 2029
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| Securities: | Senior notes
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| Bookrunners: | RBC Capital Markets LLC, 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, Regions Securities Inc. and SG CIB
|
| Co-managers: | Natixis Securities Americas LLC, Ramirez & Co. and R Seelaus
|
| Coupon: | 5 3/8%
|
| Price: | Par
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| Yield: | 5 3/8%
|
| Spread: | 351 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until six months prior to maturity, then callable at par, otherwise non-callable
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| Trade date: | Nov. 5
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| Settlement date: | Nov. 7
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| Ratings: | Moody's: Ba3
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| S&P: BB-
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| Fitch: BB+
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| Distribution: | SEC registered
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| Price talk: | 5 3/8% area
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| Marketing: | Quick to market
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