Convertibles Calendar

ON THE HORIZON

E*TRADE FINANCIAL CORP. (Symbol: ET) an issue of mandatory convertibles, expected to total roughly $450 million, with concurrent offerings of equity and senior notes, to finance its acquisition of BrownCo., the online brokerage service of JP Morgan Chase, for $1.6 billion cash; other financings include $150 million from its existing bank revolver; E*Trade is a New York-based online trading company that aims, with this and its pending acquisition of Harris Direct, to remain competitive with TD Ameritrade and Charles Schwab, though it ranks third both in terms of daily average revenue trades and client assets.

DRS TECHNOLOGIES INC. (Symbol: DRS) $250 million of senior subordinated convertible notes; as part of a mix of borrowings to help fund its acquisition of Engineered Support Systems Inc. (ESSI); the other financings include $124.7 million under a new revolving credit facility, $200 million from an expanded existing term loan and $700 million of new high-yield debt; DRS is a Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers. ESSI is a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services.

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