Bank of America announced Friday that it has completed the new stock and senior debt issuance that it began last month, used to swap out preferred stock and junior debt.
In total, the Charlotte-based bank issued 400 million new shares and $2.3 billion in senior notes. The swap raises the bank's Tier 1 common capital by $3.9 billion, increasing the ratio by 29 basis points.
In a quarterly securities filing, Bank of America said it would consider issuing up to 400 million new shares and $3 billion in senior debt. The bank said at the time that it was not spurred by a need to raise capital, but rather to take advantage of market conditions that allow it to retire higher-interest debt at lower costs.
In total, roughly $2.3 billion in common stock and $2.3 billion in senior debt was used to retire a combined $5.8 billion in preferred stock and junior debt.