BofA Sets Closing Date for Countrywide Purchase

Wall Street Journal (06/20/08) P. C2; Hagerty, James R.; Bauerlein, Valerie
Bank of America Corp. has set a July 1 closing date for its acquisition of Countrywide Financial Corp. Although the date could change because Countrywide shareholders still must approve the deal at their June 25 meeting, investors viewed the announcement of a target date as a positive step. Phoenix Partners Group reports a drop in the yearly cost of default protection for five years on $10 million of Countrywide bonds to $195,000 from $240,000 after the announcement was made on June 1, signaling investor confidence that Countrywide will not default on its debt.