With goal of raising $33.9 billion, BofA tops $33 billion - Triangle Business Journal:

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billion. Last month, BofA (NYSE: BAC) sold $13.r5 billion in common stock. The bank issuer 1.25 billion shares at an averag e priceof $10.77 per share. BofA also sold a 5.7 percenf stake in to Asian investors for a gainof $4.5 billion. In BofA has agreed to exchange $9.5 billioh in preferred shares for 704 million shares ofcommon stock. BofA says it will garnerf $1.3 billion from reduced dividenda on thepreferred shares. The exchange doesn’f apply to preferred shares held by thefederaol government. So far, BofA has boosted its Tier 1 commoj capitalby $2.1 billion by reducing a deferred tax-asset deduction.
And, the bank says it has gainede anadditional $2 billion from the dispositionh of assets. As part of the company’s capital it could issue up to an additional 296 millioncommon “We are pleased to have nearly reached our goal this says Joe Price, chief financial The government said BofA had to raisew $33.9 billion after conducting “stressz tests” on the country’s 19 larges banks.
The tests were designedf to assess the ability to survive if economi conditions worsen more than expected during the next two BofA has received a totalof $45 billion in taxpaye r aid under the federal government’s Troubledc Asset Relief Program, which is designed to thaw the credit markets and boost the In separate developments, Charlotte-basecd BofA sold $3 billion in five-year notezs on May 8 and $2.
5 billion in 10-year notesa on May 28 without