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OneMain Holdings unit closes $500M senior notes offering

OneMain Holdings Inc.'s unit Springleaf Finance Corp. on May 30 completed an offering of $500 million of its 6.125% senior notes due May 2022.

These notes were offered as an add-on to Springleaf Finance's existing $500 million of 6.125% senior notes due 2022 issued May 15. The notes, which will be guaranteed on an unsecured basis by OneMain Holdings, will be payable May 15 and Nov. 15 of each year, commencing Nov. 15. The notes can be redeemed at any time, in whole or in part, at Springleaf Finance's option.

Springleaf Finance used the net proceeds from the offering to repurchase about $466 million of its 6.90% medium-term notes, series J, due in December. The company intends to use the remainder of the net proceeds for general corporate purposes, which may include additional debt repurchases and repayments.