Key Developments: E*TRADE Financial Corp (ETFC.O)
2 Oct 2015
Latest Key Developments (Source: Significant Developments)
E*TRADE Financial Corp:Says Chief Financial Officer Matthew J. Audette advised the Company of his decision to leave to accept a role with another company.Current Chief Risk Officer and E*TRADE veteran Michael A. Pizzi will assume the Chief Financial Officer role, effective June 16. Full Article
E*TRADE Financial Corp:Amount of its 4.625 pct Senior Notes due 2023, issued at par. E*TRADE expects to close the sale of the notes on March 5, subject to the satisfaction of customary closing conditions.The notes will bear interest at an annual rate of 4.625 pct per year payable semi-annually, are callable beginning March 15, 2018, and mature on Sept 15, 2023.The notes will be E*TRADE's general unsecured senior obligations and rank equally with E*TRADE's other unsecured senior indebtedness.The notes will effectively rank junior to the Company's secured indebtedness to the extent of the collateral securing such indebtedness and structurally subordinated to all liabilities of the Company's subsidiaries.The notes will not be guaranteed by E*TRADE's subsidiaries.E*TRADE will use the net proceeds from this offering, along with $432 million of existing corporate cash, to redeem all of the outstanding $800 million aggregate principal amount of its 6.375 pct Senior Notes due 2019 pursuant to make-whole call.To pay the associated redemption premiums, accrued and unpaid interest, and related fees and expenses.This press release does not constitute a notice of redemption with respect to the 2019 Notes.The transaction will reduce the Company's corporate debt outstanding by $340 million.Says Morgan Stanley, J.P. Morgan, and Goldman, Sachs & Co. are serving as joint book-running managers for the offering. Credit Suisse and Wells Fargo Securities are serving as co-managers. Full Article
E*TRADE Financial Corp announces reduction of corporate debt and public offering of new senior notes
E*TRADE Financial Corp:Plans to reduce its corporate debt outstanding by $400 mln, while simultaneously effecting refinance of existing notes to meaningfully extend its maturity profile.Specifically, the proposed transaction involves usage of about $460 mln of corporate cash, along with $540 mln from issuance of new notes, to redeem two tranches of existing debt and pay related redemption premiums.In addition, the company has established $200 mln revolving credit facility, which will initially remain undrawn, enhancing the company's liquidity position.Subject to market and other considerations, E*TRADE plans to offer $540 mln in aggregate principal amount of senior notes due 2022 in public offering.E*TRADE will use proceeds from this offering, along with about $460 mln of existing corporate cash, to redeem all of its outstanding 6.750 pct Senior Notes due 2016 and 6.000 pct Senior Notes due 2017 and to pay related redemption premiums.This press release does not constitute a notice of redemption with respect to the 2016 notes or 2017 notes.Enters into three-year, $200 mln senior secured revolving credit facility.The credit facility is secured by first priority pledges of the equity interests of certain of E*TRADE's domestic subsidiaries and pledges of certain inter company indebtedness.J.P. Morgan, Morgan Stanley, Credit Suisse, and Goldman, Sachs & Co. are serving as joint book-running managers for the offering. Full Article
Sept 8 - E*Trade Financial Inc said on Tuesday it expected to post a loss in the current quarter due to a charge related to a restructuring of its bank's balance sheet.