New Issue: OneMain Finance sells upsized $700 million 7 7/8% notes due March 2030 to yield 8%

By Paul A. Harris

Portland, Ore., Dec. 11 – OneMain Finance Corp. priced a massively upsized $700 million issue of 7 7/8% 6.25-year senior notes (Ba2/BB//Kroll: BB+) at 99.413 to yield 8% in a Monday drive-by, according to market sources.

The issue size increased from $400 million.

The yield printed in the middle of yield talk in the 8% area. Initial guidance was in the low-8% area.

Citigroup Global Markets Inc. was the left bookrunner for the Securities and Exchange Commission-registered notes. Joint bookrunners were HSBC Securities (USA) Inc., Barclays, BNP Paribas Securities Corp., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., NatWest Markets Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, SMBC Nikko Securities America Inc., SG Americas Securities LLC, TD Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC.

The notes are guaranteed by OneMain Holdings Inc.

The Evansville, Ind.-based financial service provider plans to use the proceeds to redeem the remainder of its outstanding 6 1/8% senior notes and for general corporate purposes, which may include additional debt repurchases and repayments.

Issuer:	OneMain Finance Corp.
Guarantor:	OneMain Holdings Inc.
Amount:	$700 million, increased from $400 million
Issue:	Senior notes
Maturity:	March 15, 2030
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	HSBC Securities (USA) Inc., Barclays, BNP Paribas Securities Corp., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., NatWest Markets Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, SMBC Nikko Securities America Inc., SG Americas Securities LLC, TD Securities (USA) LLC, Truist Securities Inc. and Wells Fargo Securities LLC
Trustee:	HSBC Bank USA, NA
Counsel to issuer:	Skadden, Arps, Slate, Meagher & Flom LLP
Counsel to underwriters:	Simpson Thacher & Bartlett LLP
Coupon:	7 7/8%
Price:	99.413
Yield:	8%
Spread:	371 bps
First call:	Dec. 15, 2026 at 103.938
Trade date:	Dec. 11
Settlement date:	Dec. 13
Ratings:	Moody’s: Ba2
	S&P: BB
	Kroll: BB+
Distribution:	SEC registered
Price talk:	8% area
Marketing:	Drive-by
Cusip:	682691AE0

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