OneMain Financial, the consumer lending business being sold by Citigroup to Springleaf Financial, is marketing is second securitization of the year.

Citigroup Global Markets is the lead underwriter.

The $500 million OneMain Financial Issuance Trust 2015-2 will issue will issue four tranches of notes maturing in July 2025 with preliminary ratings from Standard & Poor’s. The senior tranche of $360.21 million class A notes have a preliminary ‘A+’ rating; that is one notch higher than the ‘A’ rating on the senior tranche of OneMain’s previous securitization, completed in January. S&P’s presale report does not explain the rationale for the higher credit rating, and initial hard credit enhancement for this tranche of the latest deal (34%) is actually below that of the January deal (36.24%).

The 2015-2 trust will also issue $49.46 million class B notes with a preliminary ‘BBB’ rating; $41.94 million class C notes with a preliminary ‘BB’ rating; and $48.39 million class D notes with a preliminary ‘B’ rating.

OneMain offers secured and unsecured personal consumer loans through its extensive branch network. As of March 31, approximately 82% of these loans were unsecured, and the remainder were partly or fully secured by automobile collateral. OneMain's personal consumer loans are all fixed-rate, amortizing products. Generally, they have an original term of up to five years, an interest rate ranging from 18.00%-36.00%, and a $15,000 maximum loan size.

OneMain's target demographic is described as nonprime or subprime and has an average FICO score ranging from the high 500s to high 600s.

The company originates consumer loans through network of 1,139 branches across 43 U.S. states. Servicing and early-stage collections of delinquent payments are also performed via the branches, although marketing, underwriting and late-stage collections are centralized.

In March, Citigroup agreed to sell OneMain to Springleaf; the sale is expected to close in the third quarter of this year, pending regulatory approval.

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