This summary highlights the information contained elsewhere
in or
incorporated by reference in this prospectus supplement and the accompanying prospectus. Because this is only a summary, it does not contain all of the information that may be important to you. For a more complete understanding of this offering, we encourage you to read this entire prospectus supplement and the accompanying prospectus and the
information incorporated by reference herein and therein, including the financial statements and the notes to those statements.
In this prospectus supplement, except as otherwise indicated or the context otherwise requires, each reference to (i)
“OMFC” refers to OneMain Finance Corporation, a direct wholly-owned subsidiary of OMH, (ii)
“OMH”
refers to OneMain Holdings, Inc. and (iii)
“the Company,” “we,” “us” and
“our” refers to OMH and its
subsidiaries, whether directly or indirectly owned.
We are a leading lending exclusive consumer finance company providing responsible personal loan products to customers through our branch network and the internet. We have over a 100-year track record of high-quality origination, underwriting and servicing of personal loans, primarily to non-prime consumers. Our deep understanding of local markets and customers, together with our proprietary underwriting process and data analytics, allows us to price, manage
and monitor risk effectively through changing economic conditions. With an experienced management team, proven access to the capital markets and strong demand for consumer credit, we believe we are well positioned for future growth.
We staff each of our branch offices with local, well-trained personnel who have significant experience in the industry. Our business model revolves around an effective origination, underwriting, and servicing process that leverages each branch office’s local presence in these communities along with the personal relationships developed with our customers. Credit quality is also driven by our long-standing underwriting philosophy, which takes into account each prospective customer’s household budget, and his or her willingness and capacity to repay the loan.
In
connection with our personal loan business, our insurance
subsidiaries offer our customers credit and non-credit insurance policies covering our customers and the property pledged as collateral for our personal loans. As of
September 30, 2021, we had $18.8 billion of net finance receivables due from approximately 2.33 million personal loans.
We also pursue strategic acquisitions and dispositions of assets and businesses, including loan portfolios and other financial assets, as well as fee-based opportunities in servicing loans for others in connection with potential strategic portfolio acquisitions through our centralized operations.
In
the third quarter of 2021, we began offering through select branch locations our two credit cards, BrightWay and BrightWay+, giving our customers access to more credit, while also enabling a better financial future. During the remainder of 2021, we will continue to expand our credit cards offering across our branch network, and also introduce direct-to-consumer card marketing.
Our Corporate History and Corporate Information
OMH is a financial services holding company whose
subsidiaries engage in the consumer finance and insurance business. OMH was incorporated in
Delaware in 2013. OMFC was incorporated in Indiana in 1927 as successor to a business started in 1920.
On
June 25, 2018, an investor group led by certain entities managed by affiliates of Apollo and Värde Partners, Inc. (
“Värde”), which we refer to collectively herein as the Apollo-Värde Group, completed its purchase of 54,937,500 shares (the
“Apollo-Värde Transaction”) of OMH common stock beneficially owned by Springleaf Financial Holdings, LLC (
“SFH”) representing the entire holdings of OMH’s stock beneficially owned by a private equity fund managed by an affiliate of Fortress, for an aggregate purchase price of approximately $1.4 billion in cash. On
February 16, 2021, the Apollo-Värde Group
completed the sale of 9,200,000 shares of OMH common stock at $53.00 per share in an underwritten public offering. On
May 4, 2021, the Apollo-Värde Group completed the sale of 9,200,000 shares of OMH common stock at $53.50 per share in an underwritten public offering. On
August 3, 2021, Apollo completed the sale of 10,925,000 shares of OMH common stock in an underwritten public offering, of which 1,700,000 shares were purchased by OMH from the underwriter at a purchase price of $58.36 per share, which is equal to the price at which the underwriter purchased such shares from Apollo in the offering. On
August 16, 2021, Apollo completed the sale of 8,050,000