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

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billion. Last month, BofA sold $13.54 billion in common stock. The bank issued 1.25 billion share s at an average priceof $10.76 per share. BofA also sold a 5.7 percenrt stake in to Asian investorxs for a gainof $4.5 billion. In BofA agreed to exchange $9.5 billio n in preferred shares for 704 million shares ofcommon stock. BofA expects to garner $1.3 billiojn from reduced dividends on thepreferred shares. The exchange doesn’t apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capital by $2.1 billion by reducing a deferred tax-asse t deduction. And the bank says it has gained anadditionak $2 billion from the disposition of assets.
As part of the company’sw capital plan, it could issue up to an additional 296 millionhcommon shares. “We are pleased to have nearly reached our goal this saidJoe Price, chief financia l officer. The government said BofA had toraise $33.89 billion after conducting “stress on the country’s 19 largest banks. The testzs were designed to assessthe banks’ ability to surviv e if economic conditions worsen more than expected during the next two BofA has received a total of $45 billion in taxpayer aid under the federal government’s Troubledd Asset Relief Program, which is designed to thaw the credir markets and boost the economy. In separate Charlotte, N.C.
-based BofA (NYSE: BAC) sold $3 billiob in five-year notes on May 8 and $2.5 billion in 10-yea notes on May 28 without guarantees.