OneMain Financial is preparing to package $555.6 million of subprime consumer loan receivables in its first asset-backed securitization since its acquisition by Springleaf Financial from Citigroup was completed in November.

The OneMain Financial Issuance Trust 2016-1 notes are arranged in four classes of 13-year notes with initial tranches totaling $500 million, according to a Kroll Bond Agency presale report. The securitization includes a three-year revolver period for additional collateral.

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