By Paul A. Harris
Portland, Ore., May 16 - E*Trade Financial Corp. priced a $435 million issue of non-callable five-year senior notes (B2/B-/) at par to yield 6¾% on Monday, according to a market source.
The yield printed on top of the price talk.
J.P. Morgan Securities LLC ran the books for the quick-to-market deal.
The New York-based financial services company plans to use the proceeds to redeem its outstanding 7 3/8% senior notes due 2013.
| Issuer: | E*Trade Financial Corp.
|
| Amount: | $435 million
|
| Maturity: | June 1, 2016
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 494 bps
|
| Call protection: | Non-callable (Make-whole provision at Treasuries plus 50 bps)
|
| Change-of-control put: | 101%
|
| Trade date: | May 16
|
| Settlement date: | May 19
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | 6¾% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
