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kabibe game Boeing, in need of cash, looking to raise up to $19B in offering
FILE – A Boeing 737 MAX aircraft is shown on the assembly line at the Boeing facility in Renton, Wash., June 25, 2024. Boeing reports earnings on Wednesday, July 31, 2024. (Jennifer Buchanan/The Seattle Times via AP, Pool, File)
Boeing is looking to raise up to approximately $19 billion in a stock offering as the aerospace giant, which is dealing with a contentious strike, faces liquidity issues and tries to raise cash.
Boeing Co. said Monday that it will offer 90 million in common stock and $5 billion in depositary shares. The company’s stock closed at $155.01 on Friday.
Article continues after this advertisementREAD: Boeing workers reject contract, extend strike — union
FEATURED STORIES BUSINESS BCDA still finalizing plans to re-develop Market! Market! BUSINESS Cracking down on cybercrime: Industry collaboration for a secure digital banking ecosystem BUSINESS BIZ BUZZ: Global brainstorming club comingThe company said it plans to use the net proceeds for general corporate purposes, which may include repaying debt, additions to working capital, capital expenditures, and funding and investments in its subsidiaries.
Fitch Ratings said Monday that the offering supports debt repayment and increases financial flexibility, alleviating the risk of a downgrade. The agency said that it continues to evaluate Boeing’s ability to resolve its labor negotiations and regain operational momentum. It rates Boeing “BBB-,” the lowest investment-grade rating.
Article continues after this advertisementLast week Boeing factory workers voted to reject the company’s latest contract offer and to continue a six-week strike that has halted production of its bestselling jetliners.
Article continues after this advertisementLocal union leaders in Seattle said 64% of members of the International Association of Machinists and Aerospace Workers who cast ballots voted against accepting the proposal.
Article continues after this advertisementREAD: Prolonged strike clouds new Boeing CEO’s turnaround
The labor standoff comes during an already challenging year for Boeing, which became the focus of multiple federal investigations after a door panel blew off a 737 Max plane during an Alaska Airlines flight in January.
Article continues after this advertisementThe strike has deprived the company of much-needed cash that it gets from delivering new planes to airlines. On Wednesday, the company reported a third-quarter loss of more than $6 billion. Boeing hasn’t had a profitable year since 2018, and Wednesday’s numbers represented the second-worst quarter in the manufacturer’s history.
The company burned nearly $2 billion in cash, in the quarter, weakening its balance sheet, which is loaded down with $58 billion in debt. Chief Financial Officer Brian West said the company will not generate positive cash flow until the second half of next year.
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SIGN ME UP Shares of Boeing declined slightly in midday trading. They have lost 40% of their value in the year to date.kabibe game
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