OneMain Finance Corp Issues $600M 7.125% Senior Notes Due 2034

What Happened
OneMain Finance Corporation (OMFC) announced on August 20, 2026 that it issued $600.0 million aggregate principal amount of 7.125% Senior Notes due March 15, 2034. The notes were sold in an underwritten public offering under OMFC’s and OneMain Holdings, Inc.’s (OMH) joint S-3 registration and are guaranteed on an unsecured basis by OMH. Interest accrues at 7.125% per year, payable semiannually on March 15 and September 15 beginning March 15, 2027. The issuance was made under OMFC’s Base Indenture (Dec 3, 2014) as supplemented by a Twenty-Fifth Supplemental Indenture dated August 20, 2026.

Key Details

• Principal: $600.0 million; Coupon: 7.125% per annum; Maturity: March 15, 2034.
• Interest payments: semiannual on March 15 and September 15, first payment March 15, 2027.
• Guarantee and ranking: Unsecured guarantee by OMH; notes are senior unsecured obligations of OMFC, pari passu with other unsubordinated indebtedness, effectively subordinated to secured debt and structurally subordinated to liabilities of OMFC’s subsidiaries.
• Redemption: Callable by OMFC (make-whole before Aug 15, 2029); scheduled redemption percentages if redeemed during the 12‑month period beginning Aug 15 of: 2029 — 103.5625%, 2030 — 101.7813%, 2031+ — 100.00% (plus accrued interest).

Why It Matters
This issuance raises $600M of long‑term financing for OneMain and adds a fixed cash interest obligation at 7.125% through 2034, which affects future interest expense and leverage. The notes are unsecured and are behind any secured creditors (and behind subsidiary liabilities), so holders of secured or subsidiary claims would have priority in a default. Redemption features give the company flexibility to refinance over time. Retail investors should note the coupon, maturity, guarantee by the parent (OMH), and the subordination/priority details when assessing credit risk.