E*TRADE Swaps $1.8 Billion In Debt For New Convertible Bonds
PULSE2.COM - E*TRADE Financial Corporation (NASDAQ:ETFC) has successfully completed a debt exchange offer. E*TRADE received a commitment from creditors to swap $1.8 billion in debt for convertible bonds.The conversion was accepted for the following reasons:- The new bonds do not bear interest as zero coupons. Class A debentures can be converted into E*Trade’s stock at a rate of $1.034 per share.-...
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