OneMain’s Springleaf deal now expected to price on Wednesday after upsizing

By Paul Deckelman

New York, May 9 – OneMain Holdings Inc.’s offering of five-year senior unsecured notes is now expected to price on Wednesday morning, the company said late Tuesday.

It said that it was “still finalizing details” of the issue after upsizing the prospective offering to $700 million.

That was up from the originally announced $400 million size and up as well from an interim upsized $600 million around midafternoon (ET).

Price talk at that time envisioned a yield in the 6¼% area.

The Evansville, Ind.-based consumer finance company’s wholly owned indirect subsidiary Springleaf Finance Corp. will be the official issuer of the notes.

The SEC-registered offering will come to market via joint bookrunning managers Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co Inc., Natixis Securities America LLC, RBC Capital Markets Corp. and SG Americans Securities LLC, as well as co-managers Keefe Bruyette & Woods, Sander O’Neill & Partners LP and Williams Capital Group LP.

The notes will be non-callable, other than via make-whole call at T+50 basis points.

The company plans to use the new-deal proceeds for general corporate purposes, which may include debt repayments and repurchases.

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