CORRECT(7/1):Investors Tender $1.53B In Notes So Far For E*Trade

(The item "Investors Tender $1.53B In Notes So Far For E*Trade," published Wednesday at 7:50 p.m. EDT, misstated the amount of 2017 notes Citadel tendered in the third paragraph. The corrected version follows.)

DOW JONES NEWSWIRES

E*Trade Financial Corp. (ETFC) announced progression of its debt-exchange offer, saying $1.53 billion for its notes due 2011 and 2017 had been tendered.
Last month, the bank and online brokerage moved to exchange more than $1 billion of new 10-year zero-coupon convertible debt for all of its 8% senior notes due 2011 and some of its 12.5% springing lien notes due 2017.
As of 5 p.m. EDT Wednesday, about $428.2 million of 2011 notes and $1.1 billion of 2017 notes had been tendered, including $230.2 million of 2011 notes and $700 million of 2017 notes tendered by affiliates of Citadel Investment Group LLC. The hedge-fund giant, which bought 90.9 million shares through the company's stock offering, previously agreed to tender at least $800 million in E*Trade's long-term debt.
E*Trade said that it would pro-rate the exchange for 2017 notes because a larger number of holders other than Citadel tendered those notes.
Assuming the exchange offer is completed, the debentures issued in exchange for any notes tendered during the period ended midnight EDT July 1 will be Class A Debentures and have a conversion price of $1.034 a share.
E*Trade said approval of amendments and waivers to the indentures governing the 2011 and 2017 notes requires, with respect to each series, consents from holders of an absolute majority of the outstanding notes, as well as a majority of the notes not held by Citadel. Citadel has already agreed to deliver sufficient consents prior to the midnight deadline, E*Trade said Wednesday.
The early tender period remains open until midnight EDT.
Shares were up 0.7% at $1.36 in after-hours trading.

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