E*Trade says $79.1 million of 6.75% notes converted ahead of call

Pittsburgh, June 2 - E*Trade Financial Corp. said holders converted $79.1 million of its 6.75% convertible subordinated notes due 2008 into stock ahead of the redemption of the securities.

The company issued 7.2 million shares of common stock at a conversion price of $10.925 per share.

The remaining $83.4 million of convertibles was redeemed for $86.5 million in cash, including premium and accrued and unpaid interest.

E*Trade announced on April 29 it was redeeming $162.5 million of its outstanding 6.75% convertibles, or half the outstanding amount.

The company said it would pay $1,033.75 per $1,000 principal amount for the securities plus accrued interest to May 27.

E*Trade is a New York City-based provider of financial services including brokerage, banking and lending for retail, corporate and institutional companies.

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