E*Trade buys back $214.8 million 6% convertibles in 2001

New York, April 1 - E*Trade Group, Inc. said it bought back $214.8 million of its 6% convertibles due February 2007 during 2001.

The Menlo Park, Calif. financial services company paid 19.2 million shares of common stock and $15.3 million in cash for the notes, according to a filing with the Securities and Exchange Commission.

E*Trade originally issued $650 million of the notes in February 2000. They are convertible at a price of $23.60 per share. E*Trade stock closed at $9.42 on Thursday.

As a result of the repurchases, E*Trade said it recorded a $36.0 million extraordinary gain on the early extinguishment of debt, net of $24.0 million of tax, during 2001.

The company also has $325 million outstanding of 6.75% convertibles subordinated notes due May 2008, convertible at $10.952 per share.

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