New Issue: OneMain Finance prices upsized $600 million seven-year notes at par to yield 3 7/8%

By Paul A. Harris

Portland, Ore., Aug. 4 – OneMain Finance Corp. priced an upsized $600 million issue of seven-year senior notes (Ba2/BB-) at par to yield 3 7/8% in a Wednesday drive-by, according to market sources.

The issue size increased from $500 million.

The yield printed in the middle of the 3¾% to 4% yield talk, and tight to initial guidance in the 4% area.

Goldman Sachs & Co. LLC was the left bookrunner.

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

Issuer:	OneMain Finance Corp.
Amount:	$600 million, increased from $500 million
Maturity:	Sept. 15, 2028
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co. LLC
Co-lead bookrunner:	SG Americas Securities LLC
Joint bookrunners:	RBC Capital Markets Corp., Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., NatWest Markets Securities Inc., Mizuho Securities USA Inc., Citizens Capital Markets Inc., Regions Securities Inc., Truist Securities, Inc., HSBC Securities (USA) Inc., Citigroup Global Markets Inc.
Co-managers:	Drexel Hamilton LLC, Natixis Securities Americas LLC
Coupon:	3 7/8%
Price:	Par
Yield:	3 7/8%
Spread:	290 basis points
First call:	Sept. 15, 2024 at 101.938; starting Sept. 15, 2025 at 100.969; after Sept. 15, 2026, at par
Trade date:	Aug. 4
Settlement date:	Aug. 11
Ratings:	Moody's: Ba2
	S&P: BB-
	Kroll: BB+
Distribution:	SEC registered
Price talk:	3¾% to 4%
Marketing:	Drive-by

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