Bank of America (BAC) Announces Preliminary Results of Exchange Offer
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Bank of America Corporation (NYSE: BAC) announced the preliminary results of its offers to exchange up to 200 million shares of common stock for outstanding depositary shares of certain series of preferred stock. The exchange offer expired at midnight, New York City time, on June 24, 2009 and consisted of separate offers for the depositary shares representing each series of preferred stock listed below.
Approximately $4.3 billion aggregate liquidation preference of depositary shares were validly tendered and not withdrawn in the exchange offer and approximately $3.9 billion aggregate liquidation preference of depositary shares were accepted.
As a result of these exchanges and other previously announced actions, Bank of America will exceed the $33.9 billion indicated Supervisory Capital Assessment Program (SCAP) buffer set by the Federal Reserve.
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