BOEING CO (BA): debt financing — Boeing enters $4B five-year revolver; terminates $0.8B and $3.2B facilities

BOEING CO

New $4.0B credit agreement with Citibank and JPMorgan, maturing May 2029, replacing 364-day ($0.8B) and 2019 five-year ($3.2B) facilities.
Pricing: SOFR-based advances bear interest at Adjusted Term SOFR + 1.200%-1.650% per annum, based on Boeing's credit rating; commitment fee 0.175%-0.350%.
Covenants include consolidated debt limit of 60% of total capital; standard events of default.
Existing $3.0B three-year (Aug 2022) and $3.0B five-year (Aug 2023) revolvers remain in effect.
Facility provides liquidity backstop for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

BOEING CO incurred revolving credit of $4.0 billion with Citibank, N.A. at Adjusted Term SOFR plus between 1.200% and 1.650% per annum maturing May 15, 2029.

Instrument: revolving credit
Principal: $4.0 billion
Counterparty: Citibank, N.A.
Rate: Adjusted Term SOFR plus between 1.200% and 1.650% per annum
Maturity: May 15, 2029
Event: incurrence

Exact text from the filing

On May 15, 2024, The Boeing Company (“Boeing”) entered into a $4.0 billion, five-year revolving credit agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BOEING CO entered into Agreement with Citibank, N.A. and JPMorgan Chase Bank, N.A. valued at $4.0 billion (effective 2024-05-15).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A. and JPMorgan Chase Bank, N.A.
Value: $4.0 billion
Effective: 2024-05-15

Exact text from the filing

On May 15, 2024, The Boeing Company (“Boeing”) entered into a $4.0 billion, five-year revolving credit agreement (the “Agreement”) with Citibank, N.A. (“Citibank”) and JPMorgan Chase Bank, N.A. (“JPMorgan”) as joint lead arrangers and joint book managers, Citibank as administrative agent, JPMorgan as syndication agent, and a syndicate of lenders as defined in the Agreement.

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Source: SEC EDGAR

accession 0000012927-24-000037

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