other material
confidence high
sentiment neutral
materiality 0.85
Boeing issues 115M depositary shares of 6% mandatory convertible preferred, offering closed Oct 31
BOEING CO
- Issued 100M depositary shares (each 1/20th of Series A Mandatory Convertible Preferred) plus 15M over-allotment; offering closed Oct 31, 2024.
- Preferred stock has $1,000 liquidation preference per share, 6% annual dividend payable quarterly, mandatory conversion to common by Oct 15, 2027.
- Conversion rate per preferred share ranges from 5.8280 to 6.9940 common shares based on VWAP; depositary shares convert proportionally (0.2914 to 0.3497).
- Preferred dividends must be current before any common dividends or share repurchases; holders have conversion, dividend, and liquidation rights.
- Underwriting led by Goldman Sachs, BofA, Citigroup, J.P. Morgan; proceeds not specified but total depositary shares represent $5.75B liquidation preference.