E*Trade Financial today completed a $1.305 billion, two-part issue of SEC-registered senior notes via joint bookrunners Bank of America, Goldman Sachs, and Morgan Stanley. Pricing came at the midpoint of guidance for the five-year notes and at the wide end of talk for the longer-dated tranche. The online bank-and-brokerage firm will use proceeds from the deal to redeem the $930 million outstanding of its springing-lien 12.5% notes due 2017 as well as the $243 million left of the 7.875% notes due 2015. Terms:
| Issuer | E*Trade Financial | |
| Ratings | B-/B2 | |
| Amount | $505 million | |
| Issue | senior notes (SEC Reg.) | |
| Coupon | 6.00% | |
| Price | 100 | |
| Yield | 6.00% | |
| Spread | T+525 | |
| Maturity | Nov. 15, 2017 | |
| Call | nc2 | |
| Trade | Nov. 6, 2012 | |
| Settle | Nov. 14, 2012 (T+5) | |
| Books | BAML/GS/MS | |
| Jt Leads | ||
| Co’s. | ||
| Px talk | 6% area | |
| Notes | w/ two-year equity clawback for 35% @ 106; carries T+50 make-whole call. | |
| Issuer | E*Trade Financial | |
| Ratings | B-/B2 | |
| Amount | $800 million | |
| Issue | senior notes (SEC Reg.) | |
| Coupon | 6.375% | |
| Price | 100 | |
| Yield | 6.375% | |
| Spread | T+520 | |
| Maturity | Nov. 15, 2019 | |
| Call | nc3 | |
| Trade | Nov. 6, 2012 | |
| Settle | Nov. 14, 2012 (T+5) | |
| Books | BAML/GS/MS | |
| Jt Leads | ||
| Co’s. | ||
| Px talk | +25-37.5 bps | |
| Notes | w/ three-year equity clawback for 35% @ 106.375; carries T+50 make-whole call. |