AP News

E-Trade says it will sell $1.31B in senior notes

NEW YORK (AP) — E-Trade Financial will sell $1.31 billion in senior notes to buy back debt that will be due in 2015 and 2017.

The online brokerage said it is selling senior notes that will be due in 2017 and 2019. E-Trade said Monday that it will use the proceeds to buy back senior notes due in 2015 and springing lien notes due in 2017. That will cost $1.31 billion including the principal, accrued interest, redemption premiums, and fees and expenses.

Shares of E-Trade Financial Corp. rose 37 cents, or 4.4 percent, to $8.77 in afternoon trading.

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