E*Trade to sell $540 million eight-year notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Nov. 12 – E*Trade Financial Corp. plans to price a $540 million offering of eight-year senior notes (existing ratings B1/B) Wednesday afternoon trailing a late-morning conference call with investors, according to a market source.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners for the public offering.

The notes become callable after three years at par plus 75% of the coupon.

The New York-based financial services provider plans to use the proceeds, along with about $460 million of existing corporate cash, to redeem its 6¾% senior notes due 2016 and its 6% senior notes due 2017.

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