E*Trade $400 million seven-year notes talked at 7½%-7¾%, to price Wednesday

By Paul A. Harris

St. Louis, June 1 - E*Trade Financial Corp. will price $400 million of seven-year senior notes (B1/B+) Wednesday afternoon, according to a syndicate source. Price talk is 7½% to 7¾%.

Morgan Stanley is the bookrunner for the Rule 144A offering. Credit Suisse First Boston, Deutsche Bank Securities and Sandler O'Neill are co-managers.

The notes will come with four years of call protection.

Proceeds will be used to fund the redemption of $162.5 million of convertible subordinated notes, including either or both of the 6% notes due 2007 and the 6¾% notes due 2008, and for general corporate purposes.

The prospective issuer is a New York City-based online brokerage company.

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