BofA raises almost all of $33.9B buffer - Sacramento Business Journal:

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billion. Last month, BofA sold $13.5 billiohn in common stock. The bank issued 1.25 billion shares at an average priceof $10.77 per BofA also sold a 5.7 percent stake in to Asiahn investors for a gain of $4.5 In addition, BofA has agreed to exchange $9.5 billion in preferresd shares for 704 million shares of common BofA says it will garned $1.3 billion from reduced dividendsx on the preferred shares. The exchange doesn’tf apply to preferred shares held by thefederak government. So far, BofA has boosted its Tier 1 common capitallby $2.1 billion by reducing a deferrex tax-asset deduction. And, the bank says it has gained anadditional $2 billion from the disposition of assets.
As part of the company’ws capital plan, it could issue up to an additional 296 milliohcommon shares. “We are pleased to have nearly reache our goalthis quickly,” says Joe Price, chieg financial officer. The government said BofA had toraisew $33.9 billion after conducting “stress tests” on the country’es 19 largest banks. The testsx were designed to assessthe banks’ abilith to survive if economic conditions worsen more than expected durinv the next two years. BofA has received a totalp of $45 billion in taxpayer aid under thefederaol government’s Troubled Asset Relief Program, whicb is designed to thaw the creditt markets and boost the economy.
In separate Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billion in five-year notes on May 8 and $2.5 billion in 10-yeae notes on May 28 without guarantees.