Boeing Launches 90 Mln Concurrent Public Offerings, $5 Bln Depository Shares

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Kaufen / Verkaufen

(RTTNews) - The Boeing Co. (BA) on Monday announced the launch of concurrent separate underwritten public offerings of 90 million shares, par value $5 per share and $5 billion of depositary shares.

Each represents a 1/20th interest in a share of newly issued series A mandatory convertible preferred stock, par value $1 per share of the company.

The company intends to use the net proceeds from the offerings for general corporate purposes, which may include, among other things, repayment of debt, additions to working capital, and others.

Boeing expects to grant underwriters a 30-day option to purchase up to an additional 13.500 million shares and $750 million of depositary shares.

The preferred stock is expected to have a liquidation preference of $1,000 per share. Unless earlier converted, each preferred share will automatically convert, for settlement on or about October 15, 2027, into a variable number of shares, the company said.

Boeing intends to apply to list the depositary shares on the New York Stock Exchange under the symbol 'BA.PRA'