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Boeing Announces Plans to Raise Up to $35bn via Stock, Debt and Credit Agreements
October 16, 2024
Boeing announced plans to raise up to $25bn via stock and debt offerings. It also announced a $10bn credit agreement with major lenders. There were no details on when and how much they would eventually raise via the offering. As mentioned in an earlier analysis, it was said that the company may need to raise $10-15bn to be able to maintain its credit ratings at investment grade. As per Reuters, Boeing has said that it has not drawn on its existing revolving credit facility (RCF) or the new $10bn credit facility arranged by banks like BofA, Citibank, Goldman Sachs and JPMorgan. The latest update comes after talks broke down with its union, with S&P saying that it estimated a $10bn cash burn this year by Boeing, implying the need for additional funding.
Boeing’s bonds traded stable with its 3.3% 2035s at 78.1, yielding 6.2%.
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