BofA raises almost all of $33.9B buffer - Atlanta Business Chronicle:

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billion. Last month, BofA sold $13.5 billion in commomn stock. The bank issued 1.25 billion sharea at an average priceof $10.77 per share. BofA also sold a 5.7 percentg stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchangr $9.5 billion in preferred shared for 704 million shares of commoj stock. BofA expects to garner $1.3 billion from reduced dividend on thepreferred shares. The exchangw doesn’t apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capita l by $2.1 billion by reducingg a deferred tax-asset deduction. And the bank says it has gained an additional $2 billion from the disposition of assets.
As part of the company’ capital plan, it could issue up to an additionap 296 millioncommon shares. “Wee are pleased to have nearly reached our goal this saidJoe Price, chief financial The government said BofA had to raisd $33.9 billion after conducting “stress on the country’s 19 largest banks. The tests were designex to assessthe banks’ ability to survive if economicd conditions worsen more than expected during the next two BofA has received a totap of $45 billion in taxpayer aid under the federal government’z Troubled Asset Relief Program, which is designed to thaw the credity markets and boost the economy. In separate Charlotte, N.C.
-based BofA BAC) sold $3 billion in five-yeae notes on May 8 and $2.5 billiohn in 10-year notes on May 28 withouty guarantees.