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News Dec 11, 2014

Shearman & Sterling Advises on OneMain Financial Holdings’ Senior Notes Offering

Shearman & Sterling represented OneMain Financial Holdings, Inc. in connection with its Rule 144A/Reg. S offering of US$1,500,000,000 aggregate principal amount of 6.75% Senior Notes due 2019 and 7.25% Senior Notes due 2021. The proceeds from the Senior Notes offering will be used to repay intercompany borrowings from Citigroup Global Markets Inc., the majority shareholder of OneMain Financial Holdings, Inc.

OneMain Financial Holdings, Inc., together with its subsidiaries, is a consumer finance company with a nationwide presence and a leading market position in its primary business segment: consumer lending. As of September 30, 2014, OneMain Financial had 1,141 branches servicing 1.3 million customer accounts across 43 states.

The following Shearman & Sterling team advised the issuer in the transaction: partners Stuart Fleischmann (New York-Capital Markets), Robert Treuhold (New York-Capital Markets), Bjorn Bjerke (New York- Finance), Kristen Garry (Washington, DC-Tax), and Nathan Greene (New York-Investment Funds); of counsel Dan Newcomb (New York-Litigation); and associates Brian Bishop (New York-Capital Markets), Elise Corey (New York-Capital Markets), Mary Jo Lang (Washington, DC-Tax), Will Forster (New York-Investment Funds) and John Slater (New York-Corporate).