New Issue: OneMain/Springleaf prices upsized $700 million tap of 7 1/8% notes at 100.5

By Paul A. Harris

Portland, Ore., Aug. 8 – OneMain Holdings Inc.’s subsidiary Springleaf Finance Corp. priced an upsized $700 million add-on to its 7 1/8% senior bullet notes due March 15, 2026 (B1/B+) at 100.5 to yield 7.039% in a quick-to-market trade on Wednesday, according to market sources.

The reoffer price came at the rich end of both official price talk and initial price talk, each set at 100 to 100.5.

Goldman Sachs & Co. was the left bookrunner. Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co., RBC Capital Markets LLC and SG CIB were joint bookrunners.

The Evansville, Ind.-based consumer finance company plans to use the proceeds for general corporate purposes which may include debt repurchases and repayments.

Issuer:	Springleaf Finance Corp.
Amount:	$700 million, increased from $400 million
Maturity:	March 15, 2026
Security description:	Add-on to 7 1/8% senior notes due March 15, 2026
Left bookrunner:	Goldman Sachs
Joint bookrunners:	Citigroup, Barclays, Credit Suisse, Deutsche Bank, Morgan Stanley, RBC, SG
Co-managers:	Academy, JMP, R. Seelaus
Coupon:	7 1/8%
Price:	100.5
Yield:	7.039%
Spread:	411 bps
Call protection:	Make-whole call at Treasuries plus 50 bps, otherwise non-callable
Trade date:	Aug. 8
Settlement date:	Aug. 10 with accrued interest
Ratings:	Moody's: B1
	S&P: B+
Distribution:	Off shelf
Price talk:	100 to 100.5
Marketing:	Quick to market
Original issue:	$900 million priced at par on May 9, 2018
Total issue size:	$1.6 billion

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