OneMain/Springleaf to sell $500 million 8.5-year bullet on Tuesday

By Paul A. Harris

Portland, Ore., May 7 – Springleaf Finance Corp., and indirect, wholly owned subsidiary of OneMain Holdings Inc., plans to price a $500 million public offering of non-callable senior notes due January 2028 (current ratings Ba3/BB-) in a quick-to-market Tuesday transaction trailing a mid-morning conference call with investors, according to market sources.

Initial guidance is in the high 6% area, a trader said.

Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, NatWest Investments and SG CIB are the joint bookrunners.

Natixis, BNP Paribas Securities Corp., R Seelaus and Williams Capital Group LP are the co-managers.

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

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