BofA raises almost all of $33.9B buffer - St. Louis Business Journal:

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billion. Last month, BofA sold $13.5 billion in commonj stock. The bank issuec 1.25 billion shares at an averagde priceof $10.77 per share. BofA also sold a 5.7 perceng stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchanger $9.5 billion in preferred sharee for 704 million sharesx of common stock. BofA expectss to garner $1.3 billion from reduced dividends on thepreferred shares. The exchange doesn’t apply to preferrefd shares held by the federal So far, BofA has boosted its Tier 1 common capita by $2.1 billion by reducing a deferred tax-assetf deduction.
And the bank says it has gainec anadditional $2 billion from the disposition of As part of the company’s capitalo plan, it could issu e up to an additionalo 296 million common shares. “Wde are pleased to have nearly reached our goal this saidJoe Price, chief financial officer. The government said BofA had toraiser $33.9 billion after conducting “stress on the country’s 19 largest banks. The teste were designed to assesxsthe banks’ ability to survive if economic conditions worseh more than expected durin g the next two years.
BofA has receivedf a total of $45 billionn in taxpayer aid under thefederal government’ws Troubled Asset Relief Program, which is designed to thaw the credit markets and boost the economy. In separate developments, Charlotte, N.C.-baseds BofA (NYSE: BAC) sold $3 billio in five-year notes on May 8 and $2.5 billion in 10-yea notes on May 28 withoutt guarantees.