The second largest U.S. lender Bank of America Corp. (BofA) has issued common shares and senior notes worth $2.1 billion, Reuters reports. The issue is part of a previously announced exchange for outstanding securities held by institutional investors.
The bank has issued investors 185.5 million common stock, worth around $1.1 billion at Thursday’s closing price of $5.80. The lender has also issued $998.1 million worth of senior notes. Both these were issued in exchange for preferred shares and trust preferred securities worth around $2.7 billion.
Click here for the story from Reuters.