eTrade 2009 Annual Report Download - page 57

Corporate Debt
Corporate debt by type is shown as follows (dollars in millions):
December 31, 2009 Face Value Discount
Fair Value
Adjustment Net
Interest-bearing notes:
Senior notes:
8% Notes, due 2011 $ 3.6 $ — $ — $ 3.6
7
3
⁄ 8 % Notes, due 2013 414.7 (3.4) 21.5 432.8
7
7
⁄ 8 % Notes, due 2015 243.2 (1.8) 11.2 252.6
Total senior notes 661.5 (5.2) 32.7 689.0
12
1
⁄ 2 % Springing lien notes, due 2017 930.2 (189.8) 8.4 748.8
Total interest-bearing notes 1,591.7 (195.0) 41.1 1,437.8
Non-interest-bearing debt:
0% Convertible debentures, due 2019 1,020.9 — — 1,020.9
Total corporate debt $2,612.6 $(195.0) $41.1 $2,458.7
December 31, 2008 Face Value Discount
Fair Value
Adjustment Net
Senior notes:
8% Notes, due 2011 $ 435.5 $ (1.8) $13.9 $ 447.6
7
3
⁄ 8 % Notes, due 2013 414.7 (4.4) 32.4 442.7
7
7
⁄ 8 % Notes, due 2015 243.2 (2.1) 13.2 254.3
Total senior notes 1,093.4 (8.3) 59.5 1,144.6
12
1
⁄ 2 % Springing lien notes, due 2017 2,057.0 (460.5) 9.4 1,605.9
Total corporate debt $3,150.4 $(468.8) $68.9 $2,750.5
In the third quarter of 2009, we exchanged $1.7 billion aggregate principal amount of our corporate debt,
including $1.3 billion principal amount of the 12
1
⁄ 2 % Notes and $0.4 billion principal amount of the 8% Notes,
for an equal principal amount of newly-issued non-interest-bearing convertible debentures. Subsequent to the
Debt Exchange, $720.9 million of convertible debentures were converted into 696.6 million shares of common
stock during the third and fourth quarters of 2009. For further details on the Debt Exchange, see
Note 1—Organization, Basis of Presentation and Summary of Significant Accounting Policies, Note 5—Fair
Value Disclosures and 14—Corporate Debt of Item 8. Financial Statements and Supplementary Data.
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