Cahill Represents Underwriters in $750 Million Social Bond Offering for OneMain Finance Corporation
Date: 06/22/21
Cahill represented the underwriters in connection with a public offering of $750,000,000 aggregate principal amount of 3.500% senior notes due 2027 by OneMain Finance Corporation. Proceeds from the offering were used to finance or refinance a portfolio of new or existing loans that meet the eligibility criteria of OneMain Financial’s Social Bond Framework. OneMain Financial is America’s largest personal installment loan company.
Social bonds are use of proceeds bonds that raise funds for new and existing projects with positive social outcomes. Under the International Capital Market Association’s Social Bond Principles, designated eligible social projects should provide clear social benefits, which include, but are not limited to, providing and/or promoting:
- Socioeconomic advancement and empowerment
- Affordable basic infrastructure
- Access to essential services
- Affordable housing
- Employment generation, and programs designed to prevent and/or alleviate unemployment stemming from socioeconomic crises
- Food security and sustainable food systems