The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Think4Yourself	5/7/2009 7:15:06 PM
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B. of A. to sell 1.25 billion common shares! marketwatch.com{5F32B6AB-2EB1-4E3E-ABB7-31C73044FC89}&siteid=yhoof2 By Alistair Barr Last update: 6:47 p.m. EDT May 7, 2009 SAN FRANCISCO (MarketWatch) -- Bank of America (BAC: BAC Chief Financial Officer Joe Price said late Thursday that the company will sell 1.25 billion new common shares as the lender tries to raise capital to meet requirements from the government's stress test. Price said the stock will be sold through an "ATM program," in which securities are sold through "normal stock trading," he explained. "We would access the market over time, with the goal of optimizing pricing and timing and price execution," Price added. Bank of America also plans on generating roughly $10 billion in gains from sales of businesses including First Republic, Columbia Management and a through a joint venture. "That leaves us with approximately $7 billion or so, which we think can be satisfied by our actual financial performance over the next six months," Price said. The government said earlier on Thursday that Bank of America needs to raise $33.9 billion in new capital. End of Story

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