Springleaf to swap 6.9% notes due 2017 for new notes due 2021, 2023

By Marisa Wong

Madison, Wis., Sept. 17 - Springleaf Finance Corp. said it expects to issue $500 million of notes due 2021 and $200 million of notes due 2023 in a privately negotiated exchange for $700 million of its outstanding 6.9% medium-term notes, series J, due 2017.

The company also plans to issue up to $150 million of notes due 2021 and up to $100 million of notes due 2023 in a Rule 144A and Regulation S offering, according to a press release.

The closing of the exchange transaction is conditioned on the closing of the offering of the notes, and the closing of the offering is conditioned on completion of the exchange.

Springleaf is an Evansville, Ind.-based financial services holding company with subsidiaries engaged in the consumer finance and credit insurance businesses.

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