E*Trade plans investor call for $1.31 billion two-part notes offering; pricing set for Tuesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 5 - E*Trade Financial Corp. expects to price $1,305,000,000 senior notes (existing ratings B2/B-), a market source said.

An investor call is scheduled for 1 p.m. ET on Monday, and the notes are set to price Tuesday.

The notes due 2017 will be non-callable for two years, and the notes due 2019 will be non-callable for three years.

Bank of America Merrill Lynch is the left bookrunner. Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners for the Securities and Exchange Commission-registered notes.

The notes carry a 101% poison put for both tranches.

Proceeds will be used to fully redeem the company's 7 7/8% senior notes due 2015 and the 12½% springing-lien notes due 2017.

E*Trade is a New York-based provider of financial services.

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