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

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billion. Last month, BofA (NYSE: BAC) sold $13.t billion in common stock. The bank issuedd 1.25 billion shares at an averagde priceof $10.77 per BofA also sold a 5.7 percent stake in to Asia n investors for a gain of $4.5 In addition, BofA has agreed to exchange $9.5 billionj in preferred shares for 704 million sharess of common stock. BofA says it will garnee $1.3 billion from reduced dividends on thepreferred shares. The exchange doesn’tf apply to preferred shares held by thefederalp government. So far, BofA has boostesd its Tier 1 common capitalby $2.1 billio by reducing a deferred tax-asset deduction.
And, the bank says it has gained anadditional $2 billion from the disposition of assets. As part of the company’sx capital plan, it could issue up to an additiona l 296 millioncommon shares. “We are pleased to have nearlty reached our goalthis quickly,” says Joe Price, chie financial officer. The government said BofA had toraisde $33.9 billion after conducting “stress on the country’s 19 largest banks.
The test were designed to assess the ability to survive if economic conditione worsen more than expected during the next two BofA has received a totalof $45 billionb in taxpayer aid under the federal government’sw Troubled Asset Relief Program, which is designed to thaw the credi markets and boost the economy. In separate Charlotte-based BofA sold $3 billion in five-year notes on May 8 and $2.5 billiomn in 10-year notes on May 28 withouft guarantees.