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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OneMain Holdings Inc | NYSE:OMF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.06 | 0 | 01:00:00 |
Issuer:
|
OneMain Finance Corporation (the “Issuer”)
|
Guarantor:
|
OneMain Holdings Inc. (the “Guarantor”)
|
Aggregate Principal Amount:
|
$700,000,000
|
Title of Securities:
|
7.875% Senior Notes due 2030 (the “notes”)
|
Maturity Date:
|
March 15, 2030
|
Offering Price:
|
99.413%, plus accrued interest from December 13, 2023
|
Coupon:
|
7.875%
|
Yield:
|
8.000%
|
Spread:
|
+371 basis points
|
Benchmark Treasury:
|
3.625% UST due March 31, 2030
|
Gross Proceeds to Issuer:
|
$695,891,000
|
Net Proceeds to Issuer After Gross Spread:
|
$688,891,000
|
Gross Spread:
|
1.000%
|
Distribution:
|
SEC Registered
|
CUSIP and ISIN Numbers:
|
CUSIP: 682691 AE0
|
ISIN: US682691AE03
|
|
Denominations:
|
$2,000 and integral multiples of $1,000
|
Interest Payment Dates:
|
March 15 and September 15
|
First Interest Payment Date:
|
March 15, 2024
|
Record Dates:
|
March 1 and September 1
|
Optional Redemption:
|
Except as set forth in the next two succeeding paragraphs, the notes are not subject to redemption prior to the Stated Maturity, and there is no sinking fund for the notes.
|
On and after December 15, 2026, the Issuer may redeem, at its option, all or, from time to time, part of the notes, upon not less than 30 nor more than 60 days’ prior notice (with a copy to the Series Trustee), at the applicable redemption
price set forth below (expressed as a percentage of the principal amount of notes to be redeemed), plus accrued and unpaid interest on the notes, if any, to, but excluding, the applicable redemption date (subject to the right of holders of
record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period beginning on December 15 of each of the years indicated below:
|
Year
|
Percentage
|
||||
2026
|
103.938
|
%
|
|||
2027
|
101.969
|
%
|
|||
2028 and thereafter
|
100.000
|
%
|
In addition, prior to December 15, 2026, the Issuer may redeem, at its option, all or, from time to time, part of the notes, upon not less than 30 nor more than 60 days’ prior notice (with a copy to the Series Trustee) at a redemption
price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest on the notes, if any, to, but excluding, the date of redemption (subject
to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).
|
|
“Applicable Premium” means, with respect to any note on any date of redemption, the greater of (a) 1.0% of the principal amount of the note; and (b) the excess, if any, as determined by the Issuer,
of (1) the present value at such redemption date of (x) the redemption price of the note at December 15, 2026 (such redemption price being set forth in the table above), plus (y) all required interest payments due on the note through December
15, 2026 (excluding accrued but unpaid interest to the date of redemption), discounted to the date of redemption on a semi-annual basis using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points; over
(2) the principal amount of the note.
|
“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the redemption date to December 15, 2026; provided, however, that if the period from the redemption date to December 15, 2026 of such notes is less than one year, the weekly average yield on
actively traded United States Treasury securities adjusted to a constant maturity of one year will be used.
|
|
Joint Book-Running Managers:
|
Citigroup Global Markets Inc.
|
HSBC Securities (USA) Inc.
|
|
Barclays Capital Inc.
|
|
BNP Paribas Securities Corp.
|
|
Citizens JMP Securities, LLC
|
|
Deutsche Bank Securities Inc.
|
|
Goldman Sachs & Co. LLC
|
|
Mizuho Securities USA LLC
|
|
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.
|
|
Wells Fargo Securities, LLC
|
|
Trade Date:
|
December 11, 2023
|
Settlement Date:
|
December 13, 2023 (T+2).
|
Ratings*:
|
Ba2 (Moody’s) / BB (S&P) / BB+ (Kroll)
|
* |
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time. Each credit rating should be evaluated independently of any other credit rating.
|
1 Year OneMain Chart |
1 Month OneMain Chart |
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