Bank Of America Raises $19.3 Billion With Nutty Equity Equivalents

Corp. raised $19.29 billion in a complex securities sale Thursday evening to help pay back federal rescue funds, with a variable structure that hinges on whether shareholders approve an increase in shares.

The banking giant priced its “common equivalent securities” at $15 each. The securities will have two components: a depositary share representing interests in common equivalent junior preferred stock and a feature called a “contingent warrant.”

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