By Paul Deckelman
New York, May 10 – Springleaf Finance Corp. priced an upsized $500 million issue of 6 1/8% senior notes due 2022 (B2/B/B-) at par, high-yield syndicate sources said Wednesday.
The issue was upsized from an originally announced $400 million – although the company on Tuesday had first indicated that it would be enlarged to $600 million, and later to $700 million.
The offering had originally been expected to price late Tuesday, after having been first announced that morning – but the company opted to hold the deal over until Wednesday because of the upsizing.
Price talk on Tuesday envisioned a yield of around 6¼%.
The Securities and Exchange Commission-registered offering was brought to market via joint bookrunning managers Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co LLC, Natixis Securities America LLC, RBC Capital Markets Corp. and SG Americas Securities LLC.
The notes will be non-callable, other than via a make-whole call at Treasuries plus 50 basis points.
Issuer Springleaf is a wholly owned indirect subsidiary of OneMain Holdings Inc., an Evansville, Ind.-based consumer finance company.
The company plans to use the new-deal proceeds for general corporate purposes, which may include debt repayments and repurchases.
| Issuer: | Springleaf Finance Corp. (wholly owned indirect subsidiary of OneMain Holdings Inc.)
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | May 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co LLC, Natixis Securities America LLC, RBC Capital Markets Corp., SG Americas Securities LLC
|
| Co-managers: | Keefe Bruyette & Woods, Inc., Sander O’Neill & Partners, LP, Williams Capital Group, LP
|
| Coupon: | 6 1/8%
|
| Price: | Par
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| Yield: | 6 1/8%
|
| Spread: | 420 bps over Treasuries
|
| Call protection: | Non-callable, other than via a make-whole call at Treasuries plus 50 bps
|
| Trade date: | May 10
|
| Settlement date: | May 15 (T+3)
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| Ratings: | Moody’s: B2
|
| S&P: B
|
| Fitch: B-
|
| Distribution: | SEC registered
|
| Price talk: | 6¼%
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