Boeing raised $25 billion in a bond offering on Thursday, a blowout result for the planemaker, which it said helped the company avoid taking government aid during the coronavirus-induced travel downturn.
The planemaker has been trying to bring its 737 MAX jet back into service after two fatal crashes, while the coronavirus pandemic has hammered aviation and other industries. Business shutdowns around the world to curb the outbreak have dried up demand for air travel. Following the bigger-than-expected bond offering, Boeing, which had been weighing seeking government aid, said it had no further plans to raise funds.
Credit ratings agency Moody's Investors Service Inc estimated this month that Boeing's funding needs could top $30 billion in 2020. The company secured about half of this by drawing down on a $13.8 billion credit line in March, Moody's said.Chicago-based Boeing sold seven new bonds with maturities ranging from 2023 to 2060. The new funds came at a higher price for Boeing than prior bond offerings, a sign of the company's precarious financial situation.
Boeing had faced a May 1 deadline set by Treasury to seek priority funding from a $17 billion fund for national security-related companies. A Treasury spokeswoman declined to comment on Boeing's decision to forgo aid.
Let's hope the fed will not buy those bonds if it turns sours, otherwise it would be a huge scandal
Because of FED money printing.
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