OneMain Finance driving by with $500 million 9.75-year senior notes; initial talk 4 3/8%-4½%

By Paul A. Harris

Portland, Ore., Dec. 8 – OneMain Finance Corp. plans to price a $500 million public offering of 9.75-year senior notes (existing ratings Ba3/BB-) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the deal coming to yield 4 3/8% to 4½%, a trader said.

Lead left bookrunner RBC Capital Markets LLC will bill and deliver. Deutsche Bank Securities Inc. and Natixis Securities Americas LLC are active bookrunners. Barclays, Citigroup Global Markets Inc., Citizens Capital Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., NatWest Markets Securities Inc., Regions Securities LLC and SG Americas Securities LLC are passive bookrunners.

BNP Paribas Securities Corp., MUFG and RAM are co-managers.

The notes become callable in 4.75 years at par plus 50% of the coupon.

The Evansville, Ind.-based financial services provider, formerly known as Springleaf Holdings, plans to use the proceeds, together with cash on hand, to redeem $650 million of its outstanding 7¾% senior notes due 2021.

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