New Issue: Boeing prices $4.9 billion four-tranche offering of senior notes

By Cristal Cody

Tupelo, Miss., Oct. 29 – Boeing Co. priced $4.9 billion of senior notes (Baa2/BBB-/BBB-) in four tranches on Thursday, according to a market source.

A $1 billion offering of 1.95% notes due Feb. 1, 2024 priced at a spread of 180 basis points over Treasuries.

The notes were initially talked to print in the Treasuries plus 195 bps area.

Boeing sold $1.4 billion of 2.75% notes due Feb. 1, 2026 at a Treasuries plus 240 bps spread.

Initial guidance was in the 255 bps over Treasuries area.

The company priced $1.1 billion of 3.25% notes due Feb. 1, 2028 with a spread of 265 bps over Treasuries.

Price talk was at the 280 bps spread area.

A $1.4 billion tranche of 3.625% notes due Feb. 1, 2031 priced with a Treasuries plus 280 bps spread.

The notes were initially guided at the 300 bps spread area.

Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America Inc. were the active bookrunners on all the tranches.

Passive bookrunners on the 2024 and 2026 notes included BofA Securities Inc., Credit Agricole CIB, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.

Passive bookrunners on the 2028 notes included BofA Securities, Citigroup, Commerzbank Capital Markets Corp., Goldman Sachs, JPMorgan and Morgan Stanley.

On the 2031 notes, passive bookrunners were BofA Securities, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley and MUFG.

Proceeds will be used for general corporate purposes, including repaying near-term debt.

Boeing is a Chicago-based aerospace company.

Issuer:	Boeing Co.
Amount:	$4.9 billion
Description:	Senior notes
Trade date:	Oct. 29
Ratings:	Moody’s: Baa2
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Notes due 2024
Amount:	$1 billion
Maturity:	Feb. 1, 2024
Active bookrunners:	Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America Inc.
Passive bookrunners:	BofA Securities Inc., Credit Agricole CIB, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
Coupon:	1.95%
Spread:	Treasuries plus 180 bps
Price guidance:	Treasuries plus 195 bps area
Notes due 2026
Amount:	$1.4 billion
Maturity:	Feb. 1, 2026
Active bookrunners:	Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America Inc.
Passive bookrunners:	BofA Securities Inc., Credit Agricole CIB, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
Coupon:	2.75%
Spread:	Treasuries plus 240 bps
Price guidance:	Treasuries plus 255 bps area
Notes due 2028
Amount:	$1.1 billion
Maturity:	Feb. 1, 2028
Active bookrunners:	Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America Inc.
Passive bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., Commerzbank Capital Markets Corp., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
Coupon:	3.25%
Spread:	Treasuries plus 265 bps
Price guidance:	Treasuries plus 280 bps area
Notes due 2031
Amount:	$1.4 billion
Maturity:	Feb. 1, 2031
Active bookrunners:	Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America Inc.
Passive bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and MUFG
Coupon:	3.625%
Spread:	Treasuries plus 280 bps
Price guidance:	Treasuries plus 300 bps area

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