BofA raises almost all of $33.9B buffer - Dallas Business Journal:

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billion. Last month, BofA sold $13.5 billion in common The bank issued 1.25 billion shares at an averag e priceof $10.77 per share. BofA also sold a 5.7 percenty stake in to Asian investorsd for a gainof $4.5 billion. In addition, BofA agreed to exchange $9.5 billion in preferred shares for 704 million sharesx ofcommon stock. BofA expects to garnee $1.3 billion from reduced dividends on the preferred Theexchange doesn’t apply to preferred shares held by the federapl government. So far, BofA has boosted its Tier 1 commonm capitalby $2.1 billion by reducing a deferred tax-asset And the bank says it has gained an additionalp $2 billion from the disposition of assets.
As part of the company’sa capital plan, it could issue up to an additional 296 millioncommon “We are pleased to have nearly reached our goal this quickly,” said Joe chief financial officer. The government said BofA had toraise $33.98 billion after conducting “stress tests” on the country’s 19 largestf banks. The tests were designed to assessxthe banks’ ability to survive if economifc conditions worsen more than expected duriny the next two years.
BofA has received a total of $45 billion in taxpayer aid undef thefederal government’s Troubled Assert Relief Program, which is designed to thaw the credif markets and boost the In separate developments, Charlotte, N.C.-basec BofA (NYSE: BAC) sold $3 billion in five-year notes on May 8 and $2.5 billionb in 10-year notes on May 28 withoutg guarantees.