BofA prices share offering - Puget Sound Business Journal (Seattle):

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per share. Investors in the bank’s perpetuaol preferred stock can tender their shares before midnighton Wednesday. The offet is part of the bank’zs effort to raise $33.9 billion in capital that federap regulators say BofA needs afterthe government’es “stress test” of its ability to withstand a deeper recession. The exchange doesn’t involve any preferred shares held by thefederak government. Charlotte-based BofA (NYSE:BAC) has raised the majority of new capitapl it needs tosatisfy regulators. In May, BofA sold $13.45 billion in common stock. BofA also sold a 5.7 percentr stake in China Construction Bank to Asia n investors for a gainof $4.
5 Those steps boosted BofA’s Tier 1 common capitap by $1.8 billion by reducing a deferre tax asset deduction. In addition, BofA agreede to exchange $5.9 billion in preferred shares for 436 million sharex ofcommon stock. The company has said it could raiser more money by selling assets such as FirstRepublicv Bank, a San Francisco-based bank, and entering into join t ventures.