E*Trade to start roadshow Wednesday for $450 million two-part note offering

By Paul A. Harris

St. Louis, Sept. 6 - E*Trade Financial Corp. will begin a roadshow on Wednesday for a $450 million two-part offering of high-yield notes (B1/B+), according to an informed source.

The company will offer new eight-year senior notes and will tap its existing issue of 8% senior notes due June 15, 2011.

Pricing is expected during the week of Sept. 12.

JP Morgan and Morgan Stanley are joint bookrunners for the Rule 144A with registration rights offering.

The 8% notes due June 15, 2011 are callable on June 15, 2008 at 104 and contain a 35% equity clawback at 108 until June 15, 2007. The original $400 million issue priced at par on June 2, 2004.

Tranche sizes remain to be determined.

Proceeds will be used to fund a portion of the acquisition of Jersey City, N.J., online brokerage Harrisdirect LLC.

E*Trade is a New York City online brokerage firm.

© 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.