Rochester,NY 8/21/2009 10:23:46 PM
E TRADE Financial Corporation ETFC, As offer expires E-Trade to exchange $1.74B
E TRADE Financial Corporation
E-Trade Financial Corp. to exchange about $1.74 billion of its exchange offer that expired, including notes from Citadel Investment Group.
After heavy losses within its bank's mortgage portfolio, the deal was key for the company as it seeks to bolster its capital position.
The exchange offer was approved by shareholders at a special meeting.
$1.84 billion in notes were tendered to the offer said by the company. E-Trade had to stop accepting 2017 notes for exchange on July 1 because that part of the offering was already oversubscribed.
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