NEW YORK, March 14 /PRNewswire-FirstCall/ -- E*TRADE FINANCIAL Corporation
(NYSE: ET) announced today that it has called half, or approximately $92.6
million, of the remaining principal amount outstanding of its 6% Convertible
Subordinated Notes due 2007 (the "2007 Notes") for redemption on Tuesday,
April 4, 2006. The 2007 Notes bear CUSIP Nos. 269246AB0 and 269246AA2.
On or prior to the close of business on Monday, April 3, 2006, holders of
the 2007 Notes may elect to convert their 2007 Notes into common stock of
E*TRADE FINANCIAL Corporation at a conversion price of $23.60 per share by
surrendering the 2007 Notes in accordance with the indenture to The Bank of
New York, as conversion agent. Holders of 2007 Notes held in book-entry form
through the Depository Trust Company (DTC) must follow the DTC's customary
practices. Currently, approximately $185.2 million principal amount of the
2007 Notes is outstanding. As of March 13, 2006, the closing price of E*TRADE
FINANCIAL's common stock on the New York Stock Exchange was $24.51.
To the extent that holders of the 2007 Notes do not convert their 2007
Notes into common stock of E*TRADE FINANCIAL, such 2007 Notes may be redeemed
on April 4, 2006 at a redemption price of $1,008.60 per $1,000 face amount,
plus accrued and unpaid interest to, but excluding, April 4, 2006. On or
before April 3, 2006, such 2007 Notes should be presented to The Bank of New
York, as paying agent for the redemption, at the address set forth in the
Notice of Redemption, dated March 14, 2006, sent that day to all registered
holders. 2007 Notes called for redemption will cease to accrue interest as of
April 4, 2006.
The above-referenced CUSIP numbers are included solely for the convenience
of the holders of 2007 Notes. No representation is made as to the correctness
of such numbers.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services
including trading, investing, banking and lending for retail and institutional
customers. Securities products and services are offered by E*TRADE Securities
LLC (Member NASD/SIPC). Bank and lending products and services are offered by
E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
Important Notice
E*TRADE FINANCIAL and the E*TRADE FINANCIAL logo are registered trademarks
or trademarks of E*TRADE FINANCIAL Corporation. The statements contained in
this news release that are forward-looking are based on current expectations
that are subject to a number of uncertainties and risks, and actual results
may differ materially. The uncertainties and risks include, but are not
limited to, changes in market activity, anticipated increases in the rate of
new customer acquisition, the conversion of new visitors to the site to
customers, seasonality, the development of new products and services, the
enhancement of existing products and services, competitive pressures
(including price competition), system failures, economic and political
conditions, changes in consumer behavior and the introduction of competing
products having technological and/or other advantages. Further information
about these risks and uncertainties can be found in the information included
in the annual reports previously filed by E*TRADE Group, Inc. or E*TRADE
FINANCIAL Corporation with the SEC on Form 10-K (including information under
the caption "Risk Factors") and quarterly reports on Form 10-Q.
E*TRADE FINANCIAL Media Contact
Pam Erickson
E*TRADE FINANCIAL Corporation
646-521-4418
pam.erickson@etrade.com
E*TRADE FINANCIAL Investor Relations Contact
Adam Townsend
E*TRADE FINANCIAL Corporation
703-236-8719
adam.townsend@etrade.com
SOURCE E*TRADE FINANCIAL Corporation
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Related links:
http://www.etrade.com
CONTACT:
media, Pam Erickson, +1-646-521-4418, or
pam.erickson@etrade.com, or investors, Adam Townsend,
+1-703-236-8719, or adam.townsend@etrade.com, both of E*TRADE
FINANCIAL Corporation
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