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OneMain touts access to capital, solid balance sheet after notes sale
By Devika Patel
Knoxville, Tenn., Sept. 12 – OneMain Holdings, Inc. has good access to funding and has used this to strengthen its balance sheet and differentiate itself from competitors who are not able to access capital as easily, according to executive vice president and chief financial officer Micah Conrad.
“We’re very proud of our balance sheet,” Conrad said at the Barclays Global Financial Services Conference on Tuesday.
“We think it’s a unique differentiator, our ability to access funding.
“Some of our competitors have pulled back, I think everyone’s pulled back for credit reasons, but some have pulled back because they just don’t have the access to funding that a company like ours has and that’s enabled us to really fund the balance sheet,” he said.
The company accessed the debt markets for further funding recently, selling $500 million of 9% senior notes due Jan. 15, 2029 (Ba2/BB//Kroll: BB+) at par in a June 20 drive-by.
The yield printed in the middle of official talk and initial guidance, both of which had come in the 9% area.
The company attracted 20 new investors through this sale and managed to get good pricing in a difficult week for bond yields.
Conrad described the sale as “a very positive execution.”
“It was a tricky week, high-yield spreads increased 50 basis points from Monday to Friday that week that we were at market, but we thought we got good execution,” he said. “I think we saw 20 or so new investors to the platform, and we continue to be out there and talking to debt investors all the time.”
OneMain is an Evansville, Ind.-based financial services holding company.
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