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S&P gives OneMain Finance notes BB-
S&P said it assigned its BB- rating to OneMain Finance Corp.’s (formerly Springleaf Finance Corp.) proposed $500 million of senior unsecured notes due 2030.
OneMain Finance is a direct, wholly owned subsidiary of OneMain Holdings Inc., which will guarantee the notes on an unsecured basis by OneMain.
The company intends to use the proceeds and cash on hand to redeem $650 million of OneMain Finance’s 7¾% notes due 2021. The redemption is scheduled for Jan. 8.
S&P’s issuer credit ratings on OneMain and OneMain Finance are BB- with a stable outlook.
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