Springleaf Financial Holdings LLC has started a public offering of 4,179,678 OneMain Holdings Inc. common shares.

Springleaf Financial is an entity owned primarily by a private equity fund managed by an affiliate of Fortress Investment Group LLC and American International Group Inc. subsidiary AIG Capital Corp.

The offering covers the shares beneficially owned by an AIG affiliate and does not include the shares that Fortress beneficially owned.

OneMain will not receive any proceeds from the sale of the shares by Springleaf Financial.

Based on OneMain's Feb. 21 closing price of $31.67 per share, S&P Global Market Intelligence calculates a gross offering size of about $132.4 million.

Morgan Stanley serves as sole underwriter for the offering.