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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, March 4, 2010

Treasury Plans Sale of Bank of America Corporation Warrants

The U.S. Department of the Treasury announced today that it priced a secondary public offering of 150,375,940 warrants to purchase common stock of Bank of America Corporation (the "Company") at $8.35 per warrant and a secondary public offering of 121,792,790 warrants to purchase common stock of the Company at $2.55 per warrant. The aggregate net proceeds to Treasury from the offerings are expected to be approximately $1,542,717,552.79. These proceeds provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock.

The closings are expected to occur on or about March 9, 2010, subject to customary closing conditions. The offerings were priced through a modified Dutch auction. The warrants were offered pursuant to an effective shelf registration statement that was filed by the Company with the Securities and Exchange Commission (the "SEC").

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