By Paul A. Harris
Portland, Ore., Dec. 5 – OneMain Holdings, Inc. priced an upsized $875 million issue of 5 5/8% non-callable 5.25-year senior notes (//B) at par to yield 5.627% in a Tuesday drive-by, according to a syndicate source.
The issue size was increased from $500 million.
The yield printed slightly wide of yield talk in the 5½% area.
Goldman Sachs & Co. was the left bookrunner for the public offering. Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Natixis, RBC Capital Markets LLC and SG CIB were the joint bookrunners.
The issuing entity is OneMain's indirect, wholly owned subsidiary, Springleaf Finance Corp.
The Evansville, Ind.-based consumer finance company plans to use the proceeds for general corporate purposes, which may include debt repayments.
| Issuer: | Springleaf Finance Corp.
|
| Amount: | $875 million, increased from $500 million
|
| Maturity: | March 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Natixis, RBC Capital Markets LLC, SG CIB
|
| Co-managers: | Mischler, Ramirez and R. Seelaus
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5.627%
|
| Spread: | 345 bps
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 8
|
| Rating: | Fitch: B
|
| Distribution: | SEC registered
|
| Price talk: | 5½% area
|
| Marketing: | Quick to market
|
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