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of a Tuesday early deadline, roughly $2.08 billion in aggregate principal amount of the notes had been tendered and not withdrawn into the offer.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; firstname.lastname@example.org