E*Trade Financial talks $450 million two-part offering, to price Wednesday

By Paul A. Harris

St. Louis, Sept. 13 - E*Trade Financial Corp. issued price talk Tuesday on its $450 million two-part bond offering (B1/B+), according to an informed source.

The transaction involves a tranche of new eight-year senior notes that are talked to yield in the 7½% area and an add-on the company's 8% senior notes due June 15, 2011, which is talked to yield in the 7¼% area.

Tranche sizes remain to be determined.

Pricing is expected on Wednesday

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

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

E*Trade is a New York City-based online brokerage.

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