Rochester,NY 7/10/2009 8:04:37 PM
ETFC - E*TRADE Creates an Excellent job - Sourced WhisperFromWallStreet.com
E*TRADE Financial Corporation
ETFC - E*TRADE Creates an Excellent job - Sourced WhisperFromWallStreet.com
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E*TRADE Financial Corporation,ETFC
After Hours: 1.20 N/A (N/A) 7:55AM ET
COMPANY NEWS
E*Trade's debt exchange offer is a success. The online discount broker received commitments from its creditors to swap more than $1.8 billion in debt for new convertible bonds. The healthy reception during the early tender period is the result of several factors. The new bonds don't bear interest as zero coupons, but the conversion terms are sweet. The Class A debentures can be turned into E*Trade stock, at a rate of just $1.034 per share. Citadel, E*Trade's largest shareholder and creditor, already committed to the deal, leading by example. With fears of even greater capital requirements looming, creditors realize that this is the best move to keep the discounter from buckling.
COMPANY INFORMATION
E*TRADE Financial Corporation, through its subsidiaries, provides online brokerage and related products and services primarily to individual retail investors, under the brand name of E*TRADE Financial worldwide. It offers various brokerage products and services, including automated order placement and execution of the U.S. and international equities, currencies, futures, options, exchange-traded funds, mutual funds, and bonds. The company also provides quick transfer, wireless account access, extended hours trading, quotes, research, and advanced planning tools. Its banking products and services include checking, savings, sweep, money market, and certificates of deposit products. E*TRADE Financial primarily provides its services through its Web site at etrade.com, as well as through its network of customer service representatives, relationship managers, and investment advisors. The company was founded in 1982 and is based in New York, New York.
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