E*Trade Financial Plans $1.3 Billion Bonds to Fund Tender Offer
E*Trade Financial Corp. (ETFC), the online brokerage catering to individual investors, is selling $1.3 billion of debt to help fund a tender offer.
The company is offering five- and seven-year notes that may price tomorrow, according to a person familiar with the transaction. Proceeds will be used to redeem all of its 12.5 percent securities due November 2017 and 7.875 percent bonds due December 2015, the New York-based company said today in a statement.
The company last sold debt in May 2011, issuing $435 million of 6.75 percent, five-year debentures to yield 494 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The bonds traded at 108.5 cents on the dollar to yield 4.18 percent on Oct. 19, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley are managing the sale.
To contact the reporter on this story: Sarika Gangar in New York at [email protected];
To contact the editor responsible for this story Alan Goldstein at [email protected];
Sapete di cosa si tratta?
E*Trade Financial Corp. (ETFC), the online brokerage catering to individual investors, is selling $1.3 billion of debt to help fund a tender offer.
The company is offering five- and seven-year notes that may price tomorrow, according to a person familiar with the transaction. Proceeds will be used to redeem all of its 12.5 percent securities due November 2017 and 7.875 percent bonds due December 2015, the New York-based company said today in a statement.
The company last sold debt in May 2011, issuing $435 million of 6.75 percent, five-year debentures to yield 494 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The bonds traded at 108.5 cents on the dollar to yield 4.18 percent on Oct. 19, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley are managing the sale.
To contact the reporter on this story: Sarika Gangar in New York at [email protected];
To contact the editor responsible for this story Alan Goldstein at [email protected];
Sapete di cosa si tratta?