Bank of America, which announced yesterday that they were going to raise $10 billion by selling common stock, is apparently running into trouble with the offering, according to DealBreaker’s Bess Levin. The leads of the deal are BofA and Merrill Lynch, which should certainly save on fees but may not be the wisest choice in terms of getting the best advice on how to market the equity. DealBreaker says “a person tracking such things” has told them that the firm has only placed half the new equity and are scrambling to find buyers for the rest by the close of trading today.
Update: CNBC’s David Faber, in a report citing “trading desks,” concurred with Levin’s assessment of the BofA offering. He says that the second half won’t be placed until after the close today, so we won’t have a price until that point. Reportedly everyone buying into the offering is demanding a one-on-one talk with BofA CEO Ken Lewis.
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