OneMain Finance driving by with $500 million seven-year notes; initial talk 4% area

By Paul A. Harris

Portland, Ore., Aug. 4 – OneMain Finance Corp. plans to price a $500 million public offering of seven-year senior notes (existing ratings Ba2/BB-) in a Wednesday drive-by following a conference call with investors, according to market sources.

Initial guidance has the deal coming to yield in the 4% area, according to a bond trader.

Goldman Sachs & Co. LLC is the left bookrunner. SG Americas Securities LLC is the co-lead bookrunner. RBC Capital Markets Corp., Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., NatWest, Mizuho Securities USA Inc., Citizens Capital Markets Inc., Regions Securities Inc., Truist, HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are the joint bookrunners.

Drexel Hamilton LLC and Natixis are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The Evansville, Ind.-based financial services holding company plans to use the proceeds for general corporate purposes which may include debt repayment.

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