Summary
This 8-K filing from The Boeing Company (BA) reports on the extension of its existing 364-day and 5-year revolving credit agreements. On October 15, 2012, Boeing secured agreement from its lenders to extend the termination dates of these credit facilities by one year each. The 364-day agreement, originally set to expire in November 2012, is now extended to November 7, 2013, with an option for Boeing to convert outstanding borrowings into term loans maturing in November 2014. The 5-year agreement, initially maturing in November 2016, has been extended to November 10, 2017. These extensions provide Boeing with continued access to significant liquidity and financial flexibility, which are crucial for its operations and strategic initiatives in the aerospace industry.
Key Highlights
- 1Boeing successfully extended its $2.3 billion 364-day revolving credit agreement by one year, now maturing on November 7, 2013.
- 2The $2.3 billion 5-year revolving credit agreement was also extended by one year, now maturing on November 10, 2017.
- 3These extensions were granted by the syndicate of lenders at Boeing's request, indicating continued lender confidence.
- 4The 364-day credit agreement includes an option for Boeing to convert borrowings into term loans maturing in November 2014, offering further flexibility.
- 5The credit agreements are managed by Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as joint lead arrangers and book managers, with Citibank, N.A. as administrative agent.
- 6The extensions maintain the existing terms and conditions of the credit agreements, ensuring no adverse changes to their structure or covenants.