Boeing launches $19B share sale to thwart downgrade
Source: Bloomberg
By Siddharth Philip and Julie Johnsson / Bloomberg
Boeing launched a nearly $19 billion share sale, one of the largest ever by a public company, to address the troubled planemaker’s liquidity needs and stave off a potential credit rating downgrade to junk.
The company offered to sell 90 million common shares and about $5 billion of depositary shares, according to a statement Monday.
The common-share portion alone would total just under $14 billion, based on Friday’s closing price of $155.01. That would be the largest share sale since SoftBank Group Corp. sold part of its stake in T-Mobile in 2020, data compiled by Bloomberg show.
As of noon Monday, Boeing shares had fallen just over 1% in U.S. trading.
Read more: https://www.heraldnet.com/news/boeing-launches-19b-share-sale-to-thwart-downgrade/
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