Updated from Thursday, Dec. 3

CHARLOTTE, N.C. (

TheStreet

) --

Bank of America

(BAC) - Get Bank of America Corp Report

sold $19.29 billion of securities as part of its plan to pay back $45 billion it received under the government's Troubled Assets Relief Program.

The repayment of the TARP funds could lift pay restrictions on Bank of America and allow it to attract a new CEO to

replace outgoing CEO Ken Lewis

.

Bank of America said proceeds from the sale of the 1.286 billion common equivalent securities, priced at $15 each, will be used together with existing funds to repurchase the preferred stock issued to the Treasury Department under TARP.

Bank of America shares closed Thursday at $15.76, meaning the offering was priced at a discount of about 5%.

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Bank of America announced earlier this week it

expected to repay TARP

using $26.2 billion in excess liquidity and $18.8 billion in proceeds from the sale of the "common equivalent securities." The size of the share sale rose because of investor demand.

The share sale needs the approval from Bank of America shareholders. If it doesn't get the OK, the bank has a contingency plan that could let it issue another 200 million common shares without getting approval from shareholders.

Bank of America said it expects to hold a special shareholder vote within 105 days.

-- Reported by Joseph Woelfel in New York

.

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