New Issue: Boeing prices $9.83 billion in three tranches of senior notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 2 – Boeing Co. priced $9.83 billion of senior notes (Baa2/BBB-) in three tranches on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

A $1,325,000,000 offering of 1.167% two-year notes priced at par at a spread of 105 basis points over Treasuries.

The company priced $3 billion of 1.433% three-year notes at par with a spread of 125 bps over Treasuries.

Boeing sold $5.5 billion of 2.196% five-year notes at par at a Treasuries plus 175 bps spread.

BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and SG Americas Securities, LLC were the bookrunners on the two-year notes.

BofA, Citigroup, Goldman, JPMorgan, Morgan Stanley, Wells Fargo, BNP Paribas, Deutsche Bank, Mizuho, MUFG, RBC, Santander Investment Securities Inc. and SMBC Nikko were the bookrunners on the three-year notes.

BofA, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, BNP Paribas, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank, Mizuho, RBC and SMBC Nikko Securities were the bookrunners on the five-year notes.

The company also planned to price a tranche of floating-rate notes, but details were not available at press-time.

Proceeds will be used to repay outstanding borrowings under the company’s credit agreement.

Boeing is a Chicago-based aerospace company.

Issuer:	Boeing Co.
Amount:	$9,825,000,000
Description:	Senior notes
Trade date:	Feb. 2
Settlement date:	Feb. 4
Ratings:	Moody’s: Baa2
	S&P: BBB-
Distribution:	SEC registered
Notes due 2023
Amount:	$1,325,000,000
Maturity:	Feb. 4, 2023
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc.
Senior co-managers:	Commerz Markets LLC, Credit Agricole Securities (USA) Inc. and Santander Investment Securities Inc.
Co-managers:	Academy Securities, Inc., Loop Capital Markets LLC and PNC Capital Markets LLC
Coupon:	1.167%
Price:	Par
Yield:	1.167%
Spread:	Treasuries plus 105 bps
Call:	Make-whole call at Treasuries plus 20 bps until Feb. 4, 2022, par call thereafter
Notes due 2024
Amount:	$3 billion
Maturity:	Feb. 4, 2024
Bookrunners:	BofA, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, BNP Paribas, Deutsche Bank, Mizuho, RBC, Santander and SMBC Nikko Securities
Senior co-managers:	BBVA Securities Inc., Commerz Markets, Credit Agricole and SG Americas Securities, LLC
Co-managers:	Academy Securities, Loop Capital Markets and PNC Capital Markets
Coupon:	1.433%
Price:	Par
Yield:	1.433%
Spread:	Treasuries plus 125 bps
Call:	Make-whole call at Treasuries plus 20 bps until Feb. 4, 2022, par call thereafter
Notes due 2026
Amount:	$5.5 billion
Maturity:	Feb. 4, 2026
Bookrunners:	BofA, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, Wells Fargo, BNP Paribas, Commerz Markets, Credit Agricole, Deutsche Bank, Mizuho, RBC and SMBC Nikko Securities
Senior co-managers:	BBVA, MUFG, Santander, PNC Capital Markets
Co-managers:	Academy Securities, Loop Capital Markets and PNC Capital Markets
Coupon:	2.196%
Price:	Par
Yield:	2.196%
Spread:	Treasuries plus 175 bps
Call:	Make-whole call at Treasuries plus 30 bps until Feb. 4, 2023, par call thereafter

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