Nonprime-focused installment lender OneMain Financial announced today the closing of a $750 million social bond, with proceeds targeting financial inclusion initiatives for credit-disadvantaged communities around the U.S. According to joint bookrunner Siebert Williams Shank, the offering marks the first ever social bond from a high-yield issuer.

According to OneMain, the offering will support the company’s efforts to provide responsible loans to credit-insecure and credit-at-risk communities. The new bond was issued under OneMain’s recently released Social Bond Framework, outlining eligible use of proceeds, the process for loan evaluation and selection, management of proceeds and reporting obligations. According to the framework, at least 75% of the loans being funded by the social bonds will be to women or minority borrowers.

OneMain Chairman and CEO Doug Shulman, said:

“OneMain’s first Social Bond is an important milestone in our mission to improve the financial well-being of hardworking Americans. This bond is a testament to our commitment to financial inclusion and reinforces the work we are already doing to provide underrepresented communities with access to safe, affordable credit. We will continue to build our business around serving our customers responsibly, empowering them financially and making a positive social impact on our communities.”

OneMain’s broker dealer network for the issue included service-disabled veteran-owned Academy Securities, Inc., woman-owned R. Seelaus & Co., LLC, Hispanic-owned Samuel A. Ramirez & Company, Inc., and woman- and minority-owned Siebert Williams Shank & Co., LLC.

Siebert Williams Shank CEO and President Suzanne Shank said:

“As the only investment bank certified as both women-owned and minority owned, we value the commitment OneMain has made to diversity. OneMain first gave Siebert Williams Shank a bond underwriting mandate in 2016 and has been a significant contributor to our continued growth. We are honored to be selected for this ground-breaking framework. OneMain’s focus on financial literacy aligns with our longstanding commitment to fostering educational opportunities and mentorship programs nationally.”