eTrade 2006 Annual Report Download - page 124
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NOTE 17—CORPORATE DEBT
The Company’s corporate debt by type is shown below (dollars in thousands):
December 31,
2006 2005
Senior notes:
8.00% Notes, due 2011(1) $ 503,733 $ 504,407
7
3
⁄
8
% Notes, due 2013(2) 597,859 597,540
7
7
⁄
8
% Notes, due 2015 300,000 300,000
Total senior notes 1,401,592 1,401,947
Mandatory convertible notes 6
1
⁄
8
%, due 2018(3) 440,577 435,589
Convertible subordinated notes 6.00%, due 2007 — 185,165
Total corporate debt $1,842,169 $2,022,701
(1) Includes unamortized premium of $3.7 million and $4.4 million, for the year ended December 31, 2006 and 2005, respectively.
(2) Includes unamortized discount of $2.1 million and $2.5 million, for the year ended December 31, 2006 and 2005, respectively.
(3) Includes unamortized discount of $9.4 million and $14.4 million, for the year ended December 31, 2006 and 2005, respectively.
Senior Notes
All of the Company’s senior notes are unsecured and will rank equal in right of payment with all of the
Company’s existing and future unsubordinated indebtedness and will rank senior in right of payment to all our
existing and future subordinated indebtedness.
8.00% Senior Notes Due June 2011
In 2005 and 2004, the Company issued an aggregate principal amount of $100 million and $400 million in
senior notes due June 2011 (“8.00% Notes”), respectively. Interest is payable semi-annually and notes are
non-callable for four years and may then be called by the Company at a premium, which declines over time. Debt
issuance costs of $9.6 million are included in other assets and are being amortized over the term of the senior
notes.
7
3
⁄
8
% Senior Notes due September 2013
In 2005, the Company issued an aggregate principal amount of $600 million in senior notes due
September 2013 (“7
3
⁄
8
% Notes”). Interest is payable semi-annually and the notes are non-callable for four years
and may then be called by the Company at a premium, which declines over time. Debt issuance costs of
$8.0 million are included in other assets and are being amortized over the term of the notes.
7
7
⁄
8
% Senior Notes Due December 2015
In 2005, the Company issued an aggregate principal amount of $300 million in senior notes due
December 2015 (“7
7
⁄
8
% Notes”). Interest is payable semi-annually and the notes are non-callable for four years
and may then be called by the Company at a premium, which declines over time. Debt issuance costs of
$3.7 million are included in other assets and are being amortized over the term of the notes.
Mandatory Convertible Notes
6
1
⁄
8
% Mandatory Convertible Notes Due November 2018
In November 2005, the Company issued 18.0 million of mandatory convertible notes (“Units”) with a face
value of $450 million (“6
1
⁄
8
% Notes”). Each Unit consists of a purchase contract and a 6
1
⁄
8
% subordinated note.
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