E*Trade calls $92.6 million of 6% convertibles due 2007

By Angela McDaniels

Seattle, March 14 - E*Trade Financial Corp. has called $92.6 million of its 6% convertible subordinated notes due 2007 for redemption on April 4.

This represents roughly half of the $185.2 million 6% convertibles outstanding, according to a company news release.

E*Trade will pay $1,008.60 per $1,000 principal amount plus accrued interest up to but excluding the redemption date.

Noteholders may convert the convertibles into E*Trade common stock at a conversion price of $23.60 per share until the close of business on April 3. The stock (Nasdaq: ET) closed at $25.03 on Tuesday.

The Bank of New York is paying agent for the redemption.

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

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