Bank of Boston Corp. issued $200 million of preferred stock Thursday, more than the $150 million originally planned.
The bank holding company issued eight million depositary shares at $5 a share. They will be designated series E preferred.
The stock carries a dividend of 8.6%. Estimated proceeds of $194 million will qualify as Tier 1 capital.
The offering was led by Merrill Lynch & Co. Co-managers were Goldman, Sachs & Co., Lehman Brothers, PaineWebber Inc., and Wertheim Schroder & Co.