OneMain Financial, a unit of Citigroup, plans to issue $738 million of securities backed by personal loans of up to $15,000 that are typically used for debt consolidation, home improvements, and other purposes.

The deal is part of Citi's program to offload OneMain loans in a bid to make the lender more profitable for a possible sale or spinoff later this year, according to several market reports.  In October 2014, OneMain filed an S-1 registration statement with the SEC, preparing for a potential initial public offering.

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