Bank of America Boosts Debt Tender Offer By $1.1 Billion After Strong Early Response

Date : 05/09/2012 @ 9:46AM
Source : Dow Jones News
Stock : Bank of America Corp. (BAC)
Quote : 23.36  0.0 (0.00%) @ 6:07AM

Bank of America Boosts Debt Tender Offer By $1.1 Billion After Strong Early Response

Bank of America (NYSE:BAC)
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Bank of America Corp. (BAC) raised the amount it will repurchase in a debt tender offer by $1.1 billion after seeing a strong early response from noteholders.

The bank last month said it planned to buy back up to $1 billion in subordinated notes under the offer, which applies to 16 series of notes denominated in different currencies.

As of a Tuesday early deadline, roughly $2.08 billion in aggregate principal amount of the notes had been tendered and not withdrawn into the offer.

The bank said it will buy back up to $2.1 billion of the notes. The full offer is still set to expire at 12 a.m. EDT on May 22.

Bank of America last month reported its first-quarter profit slumped 68% as it posted a $4.8 billion accounting charge related to changes in the value of its debt.

Shares were recently off 1.5% to $7.67 premarket. The stock has climbed 40% since the start of the year.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

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