E*Trade plans to price $1.31 billion two-part notes offer on Tuesday

By Paul A. Harris

Portland, Ore., Nov. 5 - E*Trade Financial Corp. expects to price $1,305,000,000 of senior notes (existing ratings B2/B-) in two tranches on Tuesday, according to a syndicate source.

The deal is comprised of five-year notes, which come with two years of call protection, and seven-year notes, which come with three years of call protection.

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 in both tranches feature a 101% poison put.

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, including trading, investing, banking and lending for retail and institutional customers.

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