E*Trade to start roadshow Tuesday for $400 million seven-year notes

By Paul A. Harris

St. Louis, May 24 - E*Trade Financial Corp. will start a roadshow Tuesday for a $400 million offering of seven-year senior notes, according to an informed source.

The deal is expected to price during the week of May 31.

Morgan Stanley will run the books for the Rule 144A offering.

Proceeds will be used to fund the redemption of $162.5 million of the company's convertible subordinated notes, including its 6% convertible subordinated notes due 2007 and/or its 6¾% convertible subordinated notes due 2008. Any remaining proceeds will be used for general corporate purposes including the purchase of debt securities in the open market or in negotiated transactions.

E*Trade is a New York City-based online brokerage company.

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