By Wendy Van Sickle
Columbus, Ohio, May 3 – OneMain Finance Corp. closed a $600 million issue of asset-backed social bonds, according to a news release from parent company OneMain Holdings, Inc.
This is the company’s second social bond issuance.
The transaction is the first ever social asset-backed bond by a U.S. issuer and supports OneMain’s efforts to promote financial inclusion in underserved communities by providing equitable access to credit, according to the release.
Loans will be made to borrowers living in rural communities, at least 75% of whom will be lower-income borrowers with annual net incomes of less than or equal to $50,000.
Citigroup Global Markets, Inc., BNP Paribas Securities Corp., Mizuho Securities USA LLC and Natixis Securities Americas LLC were the bookrunners.
Academy Securities, Inc. and R. Seelaus & Co., LLC were the co-managers.
The financial services holding company is based in Evansville, Ind.
| Issuer: | OneMain Finance Corp.
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| Amount: | $600 million
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| Securities: | Asset-backed social bonds
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| Bookrunners: | Citigroup Global Markets, Inc., BNP Paribas Securities Corp., Mizuho Securities USA LLC and Natixis Securities Americas LLC
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| Co-managers: | Academy Securities, Inc. and R. Seelaus & Co., LLC
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| Announcement date: | May 3
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