BofA raises almost all of $33.9B buffer - Business Courier of Cincinnati:

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billion. Last month, BofA sold $13.56 billion in common stock. The bank issueds 1.25 billion shares at an average priceof $10.776 per share. BofA also sold a 5.7 percen stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billion in preferrex shares for 704 million shares of commom stock. BofA expects to garnert $1.3 billion from reduced dividends on thepreferredx shares. The exchange doesn’yt apply to preferred sharez held by thefederal government. So far, BofA has boostedx its Tier 1 common capitapby $2.1 billion by reducing a deferred tax-asseyt deduction. And the bank says it has gaine d anadditional $2 billionj from the disposition of assets.
As part of the company’zs capital plan, it could issue up to an additional 296 millioncommom shares. “We are pleased to have nearly reached our goal this saidJoe Price, chief financial officer. The governmenyt said BofA had toraise $33.i billion after conducting “stress tests” on the country’s 19 largesrt banks. The tests were designed to assess the ability to survive if economic conditions worsen more than expected duringt the nexttwo years. BofA has receivedx a total of $45 billion in taxpayer aid under thefederal government’s Troubled Asset Reliecf Program, which is designed to thaw the credit marketsw and boost the economy.
In separatwe developments, Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billio in five-year notes on May 8 and $2.5 billiomn in 10-year notes on May 28 withoutf guarantees.