Springleaf, Centerbridge Weigh Bids for Citigroup's OneMain

By Mike Spector, Christina Rexrode and Gillian Tan 

Subprime lender Springleaf Holdings Inc. and private-equity firm Centerbridge Partners LP are among those separately weighing initial bids for Citigroup Inc.'s U.S. subprime lending business ahead of a Thursday deadline, said people familiar with the matter.

The sale process for the business, OneMain Financial, is in early stages and other bidders could emerge, the people said. In addition to Springleaf and Centerbridge, other private-equity firms have been eyeing OneMain, and some bidders could team up as they attempt to buy the Evansville, Ind., lender, some of the people said.

OneMain is expected to fetch more than $4 billion, one person said.

Citigroup has said it is open to spinning off OneMain as a separate public company, selling it or a combination of the two. OneMain in October filed paperwork with regulators to pursue a possible initial public offering.

Write to Mike Spector at [e-mail], Christina Rexrode at [e-mail] and Gillian Tan at [e-mail]

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