E*Trade holders exchange $11 million 7 3/8% notes, $5 million 7 7/8% notes for shares

By Angela McDaniels

Tacoma, Wash., May 22 - E*Trade Financial Corp. said it issued 3,534,331 shares of its common stock in exchange for $16 million principal amount of its senior notes.

Of the notes exchanged, $11 million were 7 3/8% senior notes due 2013 and $5 million were 7 7/8% senior notes due 2015.

The notes were exchanged between May 1 and May 16, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

As previously reported, holders also exchanged $50 million of 7 3/8% notes for 9,749,249 shares between March 12 and May 1.

The New York-based E*Trade family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers.

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