BofA prices share offering - Charlotte Business Journal:

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per share. Investors in the bank’s perpetuall preferred stock can tender their shares before midnighton Wednesday. The offe is part of the bank’s effor t to raise $33.9 billion in capitalo that federal regulators say BofA needs afterthe government’s “stress test” of its ability to withstan d a deeper recession. The exchange doesn’y involve any preferred sharezs held by thefederalo government. Charlotte-based BofA (NYSE:BAC) has raised the majority of new capital it needsw tosatisfy regulators. In May, BofA sold $13.5 billionn in common stock. BofA also sold a 5.7 percenft stake in China Construction Bank to Asian investorz for a gainof $4.5 billion.
Thosew steps boosted BofA’s Tier 1 common capital by $1.8 billiohn by reducing a deferred tax asset In addition, BofA agreed to exchange $5.9 billionb in preferred shares for 436 milliobn shares of common The company has said it could raisd more money by selling assetds such as First Republic Bank, a San Francisco-based bank, and entering into joint ventures.