Re: New Issue E•TRADE Financial Preferred
Morning Rich,
Morgan Stanley pricing a ETFC new issue $1000 Par Preferred Price Whisper: 6.25% — 6.375%
Details:
ANNOUNCED: E*TRADE Financial Preferred
ISSUER: E*TRADE Financial Corporation [“ETFC”]
ISSUER RATINGS: Baa3 / BBB- (Stable / Stable)
EXPECTED SECURITY RATINGS: Ba3 / BB-
SECURITY DESCRIPTION: Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value, with a liquidation preference of $1,000 per share
FORMAT: SEC Registered
SIZE: $400mm (will not grow)
OFFER PRICE: $100 / preferred share
MATURITY: Perpetual
PAR CALL DATE: On any dividend payment date on or after 9/15/2026
DIVIDENDS: Payable at a fixed rate of [ I% from the original issue date to September 15, 2026; and thereafter payable at a floating rate of Three-month LIBOR plus [ ] %
DIVIDEND PAYMENT DATES: Semi-annually on March 15 and September 15, beginning March 15, 2017 and ending September 15, 2026, and thereafter quarterly on December 15, March 15, June 15 and September 15
REGULATORY CALL: At par any time within 90 days following a Regulatory Capital Treatment Event (see red)
LIQUIDATION RIGHTS: Liquidation preference of $1,000 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends
VOTING RIGHTS: None, except with respect to certain changes in the terms of Series A Preferred Stock and in the case of certain dividend non-payments
LISTING: Not Listed
DRD/QDI ELIGIBLE: Yes
USE OF PROCEEDS: To finance acquisition of Aperture, the ultimate parent company of OptionsHouse. If the acquisition of Aperture is not consummated, net proceeds will be for general corporate purposes.
Let me know if you have any questions.
Best,
Andrew
Andrew S. Atlas
Equity Sales/Middle Markets Group
Financial Advisor
Morgan Stanley Wealth Management
please put in for 5,000,000
Key entities in the image:
- Richard Kahn, HBRK Associates Inc.
- Acknowledgement: thank you
yes