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billion. Last month, BofA sold $13.5r billion in common stock. The bank issued 1.25 billiojn shares at an average priceof $10.77 per share. BofA also sold a 5.7 percenr stake in to Asian investorsa for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billion in preferred shares for 704 million shares of commobn stock. BofA expects to garner $1.3 billion from reduceds dividends on the preferred shares. The exchange doesn’t apply to preferref shares held by thefederal government. So far, BofA has boosteds its Tier 1 common capitalby $2.1 billiohn by reducing a deferred tax-assert deduction. And the bank says it has gainecd anadditional $2 billion from the dispositiomn of assets.
As part of the company’s capital plan, it could issue up to an additional 296 millioncommon shares. “Wee are pleased to have nearlty reached our goalthis quickly,” said Joe Price, chief financiak officer. The government said BofA had toraisre $33.9 billion after conducting “stress on the country’s 19 largest The tests were designed to assess the banks’ abilityh to survive if economic conditions worsen more than expecte during the next two years. BofA has received a totalo of $45 billion in taxpayedr aid under thefederal government’s Troubled Asseg Relief Program, which is designed to thaw the credit marketzs and boost the economy.
In separate Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billionm in five-year notes on May 8 and $2.5 billion in 10-yeae notes on May 28 without guarantees.
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