BofA raises almost all of $33.9B buffer - San Francisco Business Times:

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billion. Last month, BofA sold $13.r5 billion in common stock. The bank issued 1.25 billiohn shares at an average priceof $10.776 per share. BofA also sold a 5.7 percent stakee in to Asian investors for a gainof $4.5 billion. In BofA agreed to exchange $9.5 billio in preferred shares for 704 milliom shares ofcommon stock. BofA expects to garner $1.3 billionh from reduced dividends on thepreferred shares. The exchange doesn’tt apply to preferred shares held by thefederak government. So far, BofA has boosted its Tier 1 commom capitalby $2.1 billion by reducing a deferred tax-assey deduction. And the bank says it has gainedf anadditional $2 billiobn from the disposition of assets.
As part of the company’s capitapl plan, it could issue up to an additiona 296 millioncommon shares. “We are pleased to have nearlty reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraisse $33.9 billion after conducting “stress tests” on the country’s 19 largesr banks. The tests were designed to assess the ability to survive if economic conditions worsen more than expected durinf the nexttwo years. BofA has received a total of $45 billion in taxpayedr aid under thefederal government’s Troubled Asset Reliec Program, which is designed to thaw the crediy markets and boost the economy.
In separatde developments, Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billiom in five-year notes on May 8 and $2.5 billiohn in 10-year notes on May 28 withoutt guarantees.