BofA raises almost all of $33.9B buffer - Business First of Louisville:

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billion. Last month, BofA sold $13.55 billion in common stock. The bank issued 1.25 billiobn shares at an average priceof $10.776 per share. BofA also sold a 5.7 percentt stake in to Asianh investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billiom in preferred shares for 704 million shares of common stock. BofA expect to garner $1.3 billion from reduced dividends on thepreferrex shares. The exchange doesn’t apply to preferred sharea held by thefederal government. So far, BofA has boosted its Tier 1 common capitalby $2.1 billion by reducing a deferred tax-asset And the bank says it has gaineds an additional $2 billion from the dispositionj of assets.
As part of the company’s capitalo plan, it could issue up to an additionapl 296 millioncommon shares. “Wew are pleased to have nearly reached our goal this saidJoe Price, chief financial The government said BofA had to raise $33.9 billionm after conducting “stress tests” on the country’s 19 largest The tests were designee to assess the banks’ ability to survive if economic conditions worsen more than expected duringb the next two BofA has received a total of $45 billion in taxpayer aid under the federa government’s Troubled Asset Relief Program, which is designed to thaw the credit markets and boost the In separate developments, Charlotte, N.C.
-basedd BofA (NYSE: BAC) sold $3 billionn in five-year notes on May 8 and $2.5 billion in 10-yeatr notes on May 28 without guarantees.