OneMain Holdings's Subsidiary Reveals Pricing Of $1 Billion Senior Notes

OneMain Holdings Inc OMF disclosed its subsidiary, Springleaf Finance, priced its $1 billion principal amount of 8.25 percent senior notes due in December 2020. The notes would carry guarantee on an unsecured basis only, according to the company.

OneMain Holdings press statement said the offering size has been increased to $1 billion from $400 million. The company indicated that about $600 million would be used to buy back some of its SFC outstanding notes that consisted of 6.90 percent senior notes due in December next year.

The company indicated that once the expected repurchase was made, its remaining senior note would total about $1 billion that is due December 2017. The offer is expected to close on April 11. The company plans to use the proceeds for general corporate purposes that included repayment of debts.

On Wednesday, the stock ended in positive territory with 0.76 percent gain.