- According to CFO Joe Price, the company will sell $1.25 billion in new common shares.
- Prices will be sold through “ATM program,” where securities are sold through normal stock trading. (NICE!!)
- Overtime, BAC plans to raise $17 billion in common through the conversion of some preferred shares within the $1.25 billion of new issuance.
"We would access the market over time, with the goal of optimizing pricing and timing and price execution," said Joe Price
- BAC also plans on generating $10 billion in gains from the sale of First Republic, Columbia Management, and through a joint venture.
- Price believes that the remaining $7 billion can be satisfied by their actual financial performance over the next six months.
- BAC currently has $32 billion in cash and liquid assets according to their balance sheet.
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Source: MarketWatch & Reuters
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