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

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per share. Investors in the bank’s perpetual preferref stock can tender their shares befor midnighton Wednesday. The offer is part of the bank’w effort to raise $33.9 billion in capital that federal regulators say BofA needs afterthe government’s “stresws test” of its ability to withstand a deeperd recession. The exchange doesn’ty involve any preferred shares held by thefederal government. Charlotte-based BofA has raised the majority of new capital it need s tosatisfy regulators. In May, BofA sold $13.5 billiomn in common stock. BofA also sold a 5.7 percenft stake in China Construction Bank to Asian investors for a gainof $4.
5 Those steps boosted BofA’s Tier 1 commonb capital by $1.8 billion by reducing a deferrexd tax asset deduction. In addition, BofA agreed to exchang e $5.9 billion in preferred sharezs for 436 million shares ofcommon stock. The company has said it couldr raise more money by selling assets such as FirsttRepublic Bank, a San Francisco-based bank, and enteringy into joint ventures.