Published on 11/9/2023 in the Prospect News High Yield Daily.
New Issue: OneMain Finance prices $250 million tap of 9% notes due 2029 at 99.5 to yield 9.115%
By Paul A. Harris
Portland, Ore., Nov. 9 – OneMain Finance Corp. priced a $250 million add-on to its 9% senior notes due Jan. 15, 2029 (Ba2/BB) at 99.5 to yield 9.115% in a Thursday drive-by, according to market sources.
The issue price came at the rich end of the 99.25 to 99.5 price talk.
Bookrunners were BNP Paribas Securities Corp., Mizuho Securities USA Inc., Barclays, Citigroup Global Markets Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., NatWest Markets Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, SG Americas Securities LLC, TD Securities (USA) LLC and Truist Securities Inc.
The Evansville, Ind.-based financial services company plans to use the proceeds to redeem a portion of its 6 1/8% senior notes due 2024.
The original $500 million issue of 9% notes due 2029 priced in June 2023.
| Issuer: | OneMain Finance Corp.
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| Amount: | $250 million
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| Issue: | Senior notes add-on
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| Maturity: | Jan. 15, 2029
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| Bookrunners: | BNP Paribas Securities Corp., Mizuho Securities USA Inc., Barclays, Citigroup Global Markets Inc., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., NatWest Markets Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, SG Americas Securities LLC, TD Securities (USA) LLC and Truist Securities Inc.
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| Coupon: | 9%
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| Price: | 99.5
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| Yield: | 9.115%
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| Spread: | 442 bps
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| First call: | July 15, 2025 at 104.5
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| Trade date: | Nov. 9
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| Settlement date: | Nov. 14
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| Ratings: | Moody’s: Ba2
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| S&P: BB
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| Price talk: | 99.25 to 99.5
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| Marketing: | Drive-by
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| Original issue: | $500 million priced in June 2023
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