BofA raises almost all of $33.9B buffer - Orlando 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 average priceof $10.77 per share. BofA also sold a 5.7 percenty stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billionn in preferred shares for 704 million sharews of common stock. BofA expects to garner $1.3 billioh from reduced dividends on thepreferred shares. The exchange doesn’gt apply to preferred shares held by thefederal government. So far, BofA has booster its Tier 1 common capitalby $2.1 billion by reducing a deferredc tax-asset deduction. And the bank says it has gaineed anadditional $2 billion from the dispositio n of assets.
As part of the company’s capitakl plan, it could issue up to an additionak 296 millioncommon shares. “We are pleased to have nearlyt reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33.9 billion after conducting “stress on the country’s 19 largest banks. The tests were designe d to assessthe banks’ ability to survive if economixc conditions worsen more than expectedf during the next two years. BofA has receiver a total of $45 billion in taxpayerd aid under thefederal government’s Troubled Asset Reliefc Program, which is designed to thaw the credit markets and boosr the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billion in five-yeare notes on May 8 and $2.5 billion in 10-yeare notes on May 28 withoutg guarantees.