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E*Trade $250 million 10-year notes talked at 7 7/8% area, to price Wednesday
By Paul A. Harris
St. Louis, Nov. 15 - E*Trade Financial Corp. talked its $250 million offering of 10-year senior notes at the 7 7/8% area on Tuesday, according to a syndicate source.
The bonds are expected to price Wednesday.
Morgan Stanley and JP Morgan are joint bookrunners. Harris Nesbitt, BNY, Piper Jaffray and Wells Fargo Securities are co-managers.
The New York-based online brokerage will use proceeds along with $700 million of common stock and $450 million of three-year mandatory convertible securities to help fund the $1.6 billion purchase of BrownCo from JPMorgan Chase & Co.
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