E*Trade to redeem convertibles with new deal proceeds

Pittsburgh, May 24 - E*Trade Financial Corp. announced it intends to use proceeds from a planned $400 million senior note offering to redeem part of its convertible subordinated notes.

The redemption may include either or both its 6% convertible subordinated notes due 2007 and the unredeemed portion of its 6.75% convertible subordinated notes due 2008.

Any proceeds not used to redeem convertibles will be used for general corporate purposes, which may include the purchase of the company's debt securities in the open market or in negotiated transactions.

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