New Issue: Boeing prices $1.5 billion of senior notes in four tranches

By Cristal Cody

Tupelo, Miss., Feb. 13 – Boeing Co. priced $1.5 billion of senior notes (A2/A) in four tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

Boeing sold $400 million of 2.8% five-year notes at 99.083 to yield 2.997% and a spread of Treasuries plus 47 basis points.

The company placed $400 million of 3.2% 10-year notes at 98.493 to yield 3.378%. The bonds priced with a spread of 67 bps over Treasuries.

A $400 million tranche of 3.5% 20-year notes priced at 95.83 to yield 3.799%, or a Treasuries plus 77 bps spread.

In the final tranche, Boeing sold $300 million of 3.825% 40-year bonds at 95.577 to yield 4.049% and with a spread of 102 bps over Treasuries.

BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BBVA Securities Inc., Lloyds Securities Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners for the 2024 notes.

BofA Merrill Lynch, Goldman Sachs & Co. LLC, MUFG, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., SG Americas Securities LLC and SunTrust Robinson Humphrey Inc. were the bookrunners for the 2029 notes.

BofA Merrill Lynch, SMBC Nikko Securities America, Inc., Wells Fargo Securities LLC, Barclays, BNP Paribas Securities Corp., RBC Capital Markets LLC and Santander Investment Securities Inc. were the bookrunners for the 2039 notes.

On the 40-year tranche, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Barclays, BNP Paribas Securities, Deutsche Bank Securities Inc. and RBC Capital Markets were bookrunners.

Proceeds from the deal will be used for general corporate purposes.

Boeing is a Chicago-based aerospace company.

Issuer:	Boeing Co.
Amount:	$1.5 billion
Description:	Senior notes
Trade date:	Feb. 13
Settlement date:	Feb. 15
Ratings:	Moody’s: A2
	S&P: A
Distribution:	SEC registered
Five-year notes
Amount:	$400 million
Maturity:	March 1, 2024
Bookrunners:	BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BBVA Securities Inc., Lloyds Securities Inc., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
Senior co-managers:	Barclays, BNP Paribas Securities Corp., Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, Santander Investment Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC and ICBC Standard Bank plc
Co-managers:	ANZ Securities, Inc., Standard Chartered Bank and Westpac Capital Markets LLC
Junior co-managers:	Academy Securities Inc., Apto Partners, LLC, Cabrera Capital Markets, LLC, Loop Capital Markets LLC, MFR Securities Inc., Penserra Securities LLC, R. Seelaus & Co., Inc., Stern Brothers, Telsey Advisory Group LLC, Williams Capital Group, LP and Tribal Capital Markets, LLC
Coupon:	2.8%
Price:	99.083
Yield:	2.997%
Spread:	47 bps over Treasuries
Call feature:	Make-whole call at Treasuries plus 10 bps before Feb. 1, 2024; thereafter at par
10-year notes
Amount:	$400 million
Maturity:	March 1, 2029
Bookrunners:	BofA Merrill Lynch, Goldman Sachs, MUFG, Commerz Markets, Credit Agricole, SG Americas and SunTrust Robinson Humphrey
Senior co-managers:	Barclays, BBVA Securities Inc., BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, Lloyds Securities, Mizuho Securities, Morgan Stanley, RBC Capital Markets, Santander Investment Securities, SMBC Nikko, U.S. Bancorp Investments, Inc., Wells Fargo and ICBC Standard Bank
Co-managers:	ANZ Securities, Standard Chartered Bank and Westpac Capital Markets
Junior co-managers:	Academy Securities, Apto Partners, Cabrera Capital Markets, Loop Capital Markets, MFR Securities, R. Seelaus & Co., Stern Brothers and Tribal Capital Markets
Coupon:	3.2%
Price:	98.493
Yield:	3.378%
Spread:	67 bps over Treasuries
Call feature:	Make-whole call at Treasuries plus 15 bps before Dec. 1, 2028; thereafter at par
20-year notes
Amount:	$400 million
Maturity:	March 1, 2039
Bookrunners:	BofA Merrill Lynch, SMBC Nikko Securities, Wells Fargo, Barclays, BNP Paribas, RBC Capital Markets and Santander Investment Securities
Senior co-managers:	BBVA Securities, Citigroup, Commerz Markets, Credit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Lloyds Securities, Mizuho Securities, Morgan Stanley, MUFG, SG Americas Securities, SunTrust Robinson Humphrey, U.S. Bancorp and ICBC Standard Bank
Co-managers:	ANZ Securities, Standard Chartered Bank and Westpac Capital Markets
Junior co-managers:	Academy Securities, Loop Capital Markets, Penserra Securities, Telsey Advisory Group and Williams Capital Group
Coupon:	3.5%
Price:	95.83
Yield:	3.799%
Spread:	77 bps over Treasuries
Call feature:	Make-whole call at Treasuries plus 15 bps before Sept. 1, 2038; thereafter at par
40-year notes
Amount:	$300 million
Maturity:	March 1, 2059
Bookrunners:	BofA Merrill Lynch, Credit Suisse, Mizuho Securities, Barclays, BNP Paribas, Deutsche Bank and RBC Capital Markets
Senior co-managers:	BBVA Securities, Citigroup, Commerz Markets, Credit Agricole, Goldman Sachs, JPMorgan, Lloyds Securities, Morgan Stanley, MUFG, Santander Investment Securities, SG Americas Securities, SMBC Nikko, SunTrust Robinson Humphrey, U.S. Bancorp, Wells Fargo and ICBC Standard Bank
Co-managers:	ANZ Securities, Standard Chartered Bank and Westpac Capital Markets
Junior co-managers:	Academy Securities, Blaylock Beal Van, LLC, C.L. King & Associates, Inc., Drexel Hamilton, LLC, Guzman & Co., Loop Capital Markets, Mischler Financial Group, Inc., Multi-Bank Securities, Inc. and Samuel A. Ramirez & Co.
Coupon:	3.825%
Price:	95.577
Yield:	4.049%
Spread:	102 bps over Treasuries
Call feature:	Make-whole call at Treasuries plus 20 bps before Sept. 1, 2058; thereafter at par

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