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Boeing announces pricing for upsized offerings of stocks and depositary shares

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Boeing announces pricing for upsized offerings of stocks and depositary shares
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Ziad (Z) Ojakli Executive Vice President Government Operations | Boeing

Boeing has announced the pricing of its separate public offerings of common stock and depositary shares. The company will offer 112,500,000 shares of common stock at $143.00 per share and $5 billion in depositary shares, each representing a 1/20th interest in a newly issued 6.00% Series A Mandatory Convertible Preferred Stock, at $50.00 per share.

The underwriters have been granted a 30-day option to purchase up to an additional 16,875,000 shares of common stock and $750 million of depositary shares to cover over-allotments. The common stock offering is expected to close on October 30, 2024, while the depositary shares offering is anticipated to close on October 31, 2024.

Net proceeds from these offerings are estimated at approximately $15.81 billion for the common stock and $4.91 billion for the depositary shares after deducting underwriting discounts and expenses. Boeing plans to use these funds for general corporate purposes such as debt repayment and investments in subsidiaries.

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Holders of the depositary shares will have fractional interests in the rights of the preferred stock including conversion and dividend rights. Dividends will accumulate at an annual rate of 6.00%, payable quarterly starting January 15, 2025.

Goldman Sachs & Co., BofA Securities, Citigroup, and J.P. Morgan are among those acting as lead joint bookrunning managers for these offerings.

A registration statement related to these securities has been filed with the SEC and has become effective.

"This release does not constitute an offer to sell or a solicitation of an offer to buy these securities," states Boeing's announcement.

The company also notes that forward-looking statements are based on reasonable expectations but are subject to risks and uncertainties that could cause actual results to differ materially.

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