eTrade 2011 Annual Report Download - page 57
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earning assets fluctuate. The decrease in securities sold under agreements to repurchase of $0.9 billion during the
year ended December 31, 2011 was due to a planned decrease in the forecasted issuance of debt. We anticipate
further decreases in securities sold under agreements to repurchase of approximately $300 million during the
second quarter of 2012 and $150 million during the fourth quarter of 2012.
Corporate Debt
Corporate debt by type is shown as follows (dollars in millions):
Face Value Discount
Fair Value Hedge
Adjustment Net
December 31, 2011
Interest-bearing notes:
7
7
⁄
8
% Notes, due 2015 $ 243.2 $ (1.2) $ 7.4 $ 249.4
6
3
⁄
4
% Notes, due 2016 435.0 (7.4) — 427.6
12
1
⁄
2
% Springing lien notes, due 2017 930.2 (162.9) 6.2 773.5
Total interest-bearing notes 1,608.4 (171.5) 13.6 1,450.5
Non-interest-bearing debt:
0% Convertible debentures, due 2019 43.0 — — 43.0
Total corporate debt $1,651.4 $(171.5) $13.6 $1,493.5
Face Value Discount
Fair Value Hedge
Adjustment Net
December 31, 2010
Interest-bearing notes:
8% Notes, due 2011 $ 3.6 $ — $ — $ 3.6
7
3
⁄
8
% Notes, due 2013 414.7 (2.5) 15.1 427.3
7
7
⁄
8
% Notes, due 2015 243.2 (1.5) 9.3 251.0
12
1
⁄
2
% Springing lien notes, due 2017 930.2 (177.5) 7.3 760.0
Total interest-bearing notes 1,591.7 (181.5) 31.7 1,441.9
Non-interest-bearing debt:
0% Convertible debentures, due 2019 704.0 — — 704.0
Total corporate debt $2,295.7 $(181.5) $31.7 $2,145.9
Corporate debt decreased 30% to $1.5 billion at December 31, 2011 from $2.1 billion at December 31,
2010. The decline was due to the conversion of approximately $661 million in convertible debentures into
63.9 million shares of common stock during the year ended December 31, 2011. The remaining face value of the
convertible debentures as of December 31, 2011 was $43.0 million.
During the second of quarter of 2011, we issued an aggregate principal amount of $435 million in 2016
Notes. We used the proceeds from the 2016 Notes to redeem all of the outstanding 2013 Notes, including paying
the associated redemption premium, accrued interest and related fees and expenses.
54