Boeing said Thursday it does not plan to seek US government support now after receiving strong interest from the bond market for a $25 billion (Dh92 billion) public offering.
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The aviation giant, which has been badly hit by the devastating impact of coronavirus shutdowns on global airlines, said demand for the bond offering was “robust.”
“We do not plan to seek additional funding through the capital markets or the US government options at this time,” according to a company statement issued Thursday night, adding that it expects the bond offering to be completed on May 4.
The offering includes seven tranches of bonds expiring between 2023 and 2060. A securities filing Thursday did not list interest rates for the notes. The announcement comes a day after Boeing reported a $641 million loss in the first quarter and said it was cutting 10 per cent of its workforce in response to the crisis in the airline industry due to COVID-19 shutdowns. S&P downgraded Boeing’s credit rating late Wednesday following the results, which also showed the lingering effects of the protracted grounding of its top-selling 737 MAX plane following two deadly crashes.
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