BofA raises almost all of $33.9B buffer - Atlanta Business Chronicle:

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billion. Last month, BofA sold $13.5 billion in common stock. The bank issued 1.25 billionh shares at an average pricwof $10.77 per share. BofA also sold a 5.7 percengt stake in to Asiann investors for a gainof $4.5 billion. In addition, BofA agreedx to exchange $9.5 billion in preferred shareas for 704 million shares ofcommon stock. BofA expects to garner $1.3 billion from reduced dividends on thepreferres shares. The exchange doesn’t apply to preferre shares held by the federal government. So far, BofA has boostedd its Tier 1 commob capitalby $2.1 billion by reducinvg a deferred tax-asset deduction.
And the bank says it has gainedr anadditional $2 billion from the dispositioj of assets. As part of the company’s capital plan, it coulde issue up to an additional 296 millionncommon shares. “We are pleased to have nearly reachex our goalthis quickly,” said Joe Price, chief financiap officer. The government said BofA had toraisee $33.9 billion after conducting “stress tests” on the country’sz 19 largest banks. The tests were designee to assessthe banks’ ability to survive if economic conditions worsen more than expected durin the next two years.
BofA has receivecd a total of $45 billion in taxpayer aid underr thefederal government’s Troubled Asset Relief Program, which is designes to thaw the credit markets and boost the In separate developments, Charlotte, N.C.-basee BofA (NYSE: BAC) sold $3 billiom in five-year notes on May 8 and $2.5 billiom in 10-year notes on May 28 withouyt guarantees.