On February 23, 2018, Boeing issued $1.4bn of senior notes in four tranches, comprising: $350 million five-year notes with a coupon of 2.800% per annum; $350 million ten-year notes paying 3.250% per annum; $350 million 3.550% 20-year notes; and $350 million 30-year paper paying 3.625%.
The notes are unsecured and have the same rank as Boeing’s other unsecured and unsubordinated debt. Proceeds will be used for general corporate purposes, but Fitch believes this issuance could be considered a refinancing of debt maturing later in this year since Boeing’s consolidated debt at the end of 2017 included $1.3 billion of short-term debt and current maturities of long-term debt.
Joint bookrunners for the 2023 notes are Goldman Sachs, Citi and JP Morgan, with BNP Paribas, Morgan Stanley and RBC. Bookrunners for the 2028 notes the leading banks are: Goldman Sachs, Barclays, and Merrill Lynch, with BBVA, Credit Suisse and Santander. With respect to the 2038 notes, leading bookrunners are Goldman Sachs, SMBC and Wells Fargo, with Credit Agricole-CIB, Lloyds Securities and US Bancorp. For the 2048 notes, lead bookrunners are Goldman Sachs, Deutsche Bank and Mizuho Securities, with Commerzbank, MUFG and Société Générale.