Friday, 19 December 2014
Last updated 19 min ago
Jun 19 2009 | 1:04pm ET
Citadel Investment Group has bought nearly $100 million in new E*Trade Financial Shares, bringing its stake in the troubled brokerage firm to 17%.
Chicago-based Citadel, which was already the largest shareholder—and creditor—of E*Trade, had committed to buying between $50 million and $100 million of the new shares. It already owned a 16% stake in the firm. E*Trade sold 435 million shares of common stock this week as part of its bid to shore up its financial position.
Federal regulators in April ordered E*Trade, whose banking unit has been battered by the mortgage crisis, to raise more capital and cut its debt. To the latter’s end, the firm also plans a bond exchange program, beginning next week, swapping at least $1 billion in new, zero-coupon convertible bonds for bonds due in 2011 and 2017. Citadel, which owns more than 70% of E*Trade’s outstanding high-yield debt, plans to exchange at least $800 million of its bond holdings, as well.
Last week, Citadel chief Kenneth Griffin joined E*Trade’s board of directors.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.