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They're repaying their entire TARP - $25b of their original $45b bailout had already been converted into common stock held by the government.
Hence, they're repaying the outstanding $20b - that said, it's not rocket science why their stock is still tanking (from Friday's close) despite the announcement when BofA's actually appreciated...
BofA's stock went down the day after the stock issue (although it did appreciate the day after). I imagine it's natural for the stock to trade down given the dilution paired with issuing stock - and since C's stock is trading so low, they'll have to issue a LOT of shares.
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