Key Developments: E*TRADE Financial Corp (ETFC.O)

ETFC.O on Nasdaq

26 Dec 2014
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Latest Key Developments (Source: Significant Developments)

E*TRADE Financial Corp announces reduction of corporate debt and public offering of new senior notes
Wednesday, 12 Nov 2014 07:30am EST 

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

Citadel, Virtu, Two Sigma, Rgm Bid For E*Trade Financial Corp-Reuters
Wednesday, 28 Aug 2013 03:29pm EDT 

Reuters reported that Citadel LLC, Virtu Financial, Two Sigma and RGM Advisors are among the companies bidding for E*Trade Financial Corp's market-making unit in a deal expected to be worth $100 million to $200 million. An E*Trade spokesman declined to comment. Citigroup is overseeing the sale. Citigroup, Citadel and RGM declined to comment. Spokespeople at Virtu and Two Sigma were not immediately available to comment.  Full Article

Law Firm of Wohl & Fruchter LLP Announces Investigation of E*Trade Financial Corp
Wednesday, 7 Aug 2013 03:11pm EDT 

The law firm of Wohl & Fruchter LLP announced that it is investigating possible violations of federal securities laws by officers and directors of E*Trade Financial Corp (ETRADE). On August 6, 2013, ETRADE disclosed in a Form 10-Q filing with the Securities & Exchange Commission (SEC) that, on July 11, 2013, the Financial Industry Regulatory Authority (FINRA) advised the Company that it was investigating the order routing practices of two of the Company`s units - E*Trade Securities LLC and G1 Execution Services LLC. In connection with the disclosure, ETRADE stated that regulators "may initiate investigations into the company`s historical practices which could subject it to monetary penalties and cease-and-desist orders . . . prompt claims by customers of E*Trade Securities LLC . . . [and] materially and adversely affect the company`s broker-dealer businesses. Since the above news, ETFC shares have dropped over 3% during trading on August 7, 2013.  Full Article

E*Trade Financial Corp Announces Additions To Leadership Team
Tuesday, 30 Apr 2013 04:05pm EDT 

E*Trade Financial Corp announced two additions to its executive leadership team. Navtej S. Nandra will join as President, effectively immediately. Liza Landsman will join as Chief Marketing Officer by the end of May.  Full Article

E*Trade Financial Corp Announces Secondary Offering Of 27,394,448 Shares Of Common Stock By Affiliate Of Citadel LLC
Wednesday, 13 Mar 2013 04:52pm EDT 

E*Trade Financial Corp announced that Citadel Equity Fund Ltd., an affiliate of Citadel LLC, plans to offer 27,394,448 shares of E*TRADE`s common stock in an underwritten offering. The closing of the offering is expected to occur on or about March 19, 2013, subject to customary closing conditions. E*TRADE will not receive any proceeds from the sale of common stock by the selling stockholders in the offering, and its total number of common shares outstanding will not change as a result of the offering. Citigroup will be the sole underwriter of this offering. Citigroup proposes to offer the shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.  Full Article

E*Trade Financial Corp Names Rodger A. Lawson As Chairman
Friday, 8 Mar 2013 08:05am EST 

E*Trade Financial Corp announced that Board of Directors intends to appoint Rodger A. Lawson as Chairman to replace Frank J. Petrilli immediately following the 2013 Annual Meeting of Stockholders, subject to the re-election of Mr. Lawson at the Annual Meeting. Mr. Petrilli, who has served as Chairman since January 2012 and also as Interim CEO of the Company from August 2012 through January 2013, advised the Board that he does not wish to stand for re-election. Mr. Petrilli will remain a director until the Annual Meeting of Stockholders, scheduled for May 9, 2013.  Full Article

E*Trade Financial Corp Appoints Paul T. Idzik As Chief Executive Officer
Thursday, 17 Jan 2013 04:05pm EST 

E*Trade Financial Corp announced that its Board of Directors has appointed Paul T. Idzik Chief Executive Officer, effective January 22, 2013. Interim CEO Frank J. Petrilli, who has served since August, 2012, will continue as Chairman. Rodger A. Lawson will step down as Lead Independent Director, a role he has served since August 2012, but will remain on the Board. Mr. Idzik was also named President of E*TRADE Bank, and will serve on the Company`s and E*TRADE Bank`s Boards of Directors.  Full Article

MOVES-E*Trade Financial appoints Shelley Leibowitz to board

Dec 8 - Financial services company E*Trade Financial Corp appointed Shelley Leibowitz to the company's board and risk oversight committee, effective Dec. 10.

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