BofA prices offering for bailout payback

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NEW YORK (CNNMoney.com) -- Bank of America said it has priced its stock offering which it plans to use to pay back the government's bailout money.

The offering of "common equivalent securities" is priced at $15 a share, almost 5% below where the company's shares closed on the NYSE Thursday.

Shares of the bank ended at $15.76, and then fell 1.65% to $15.50 in after-hours trading.

The offering is expected to generate $19.29 billion, 2.6% more than the original $18.8 billion Bank of America (BAC, Fortune 500) originally announced it would try to sell in securities in order to pay back the $45 billion it received in bailout money over the past year.

The nation's largest lender said late Wednesday it will supplement the proceeds with $26.2 billion in cash.

Bank of America received $25 billion last fall in aid under the Troubled Asset Relief Program, or TARP.

The figure grew to $45 billion when the company purchased Merrill Lynch in September 2008.