Market Updates
E*Trade Offering Priced at 23% Discount
Mayank Mehta
19 Jun, 2009
New York City
-
E*Trade public offering managed to raise more than earlier expected after it prices its offering at 23% discount to yesterday price. The stock in the early trading drops another 15%.
[R]10:15 AM New York – E*Trade public offering managed to raise more than earlier expected after it prices its offering at 23% discount to yesterday price. The stock in the early trading drops another 15%.[/R]
E*Trade Financial Corp priced its 435 million shares offering at $1.10 a share for gross proceeds before the fees and expenses of $478.50 million. The offering is expected to close on June 24.
The company priced the offering at 23% discount to yesterday’s closing price and stock in early trading fell 15.4% to $1.21.
The company also granted an option to underwriters for 65 million shares to cover over-allotment.
The largest stock holder in the company, citadel Investment Group LLC purchased 90.9 million additional shares and will increase its holding in the company to 17%.
After the completion of the offering, the conversion price of Class A convertible debentures due 2019 will be $1.034 and for Class B convertible debentures due 2019 will be $1.55 a share.
The company in a press release said that it intends to commence the exchange on June 22.
JP Morgan Securities and Sadler O’Neill & Partners are book-running managers and E*Trade Securities is co-manager of this offering.
Annual Returns
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|