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

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billion. Last month, BofA (NYSE: BAC) sold $13.5t billion in common stock. The bank issues 1.25 billion shares at an averag e priceof $10.77 per share. BofA also sold a 5.7 percent stakwe in to Asian investors for a gainof $4.5 billion. In BofA has agreed to exchange $9.5 billion in preferredd shares for 704 million sharees ofcommon stock. BofA says it will garne r $1.3 billion from reduced dividends on the preferred Theexchange doesn’t apply to preferred sharew held by the federal government. So far, BofA has boostesd its Tier 1 common capitalby $2.1 billion by reducinh a deferred tax-asset And, the bank says it has gaine an additional $2 billion from the dispositioh of assets.
As part of the company’s capital it could issue up to an additional 296 millionncommon shares. “We are pleasedd to have nearly reached our goalthis quickly,” says Joe chief financial officer. The government said BofA had toraise $33.09 billion after conducting “stress tests” on the country’as 19 largest banks. The tests were designexd to assessthe banks’ ability to survive if economid conditions worsen more than expected durin the next two years. BofA has received a totao of $45 billion in taxpayer aid undetr thefederal government’s Troubled Asset Relieft Program, which is designed to thaw the creditr markets and boost the economy.
In separated developments, Charlotte-based BofA sold $3 billion in five-yearr notes on May 8 and $2.5 billion in 10-yearr notes on May 28 without guarantees.