Boeing gets orders almost eight times its $10 billion bond sale
ALSO READ: Boeing plane makes emergency landing in New York after exit slide falls off The warm investor reception the deal is getting “may say more about strong demand for new issuance than the prospects for Boeing credit," said Bill Zox, a portfolio manager at Brandywine Global Investment Management. Moody’s also has the company’s outlook at negative, and all three of the graders now have Boeing at a step above high yield. Boeing Chief Financial Officer Brian West said last week during a conference call that he intends to protect the company’s investment-grade rating, and that the company still has access to $10 billion in untapped credit lines.
He added that Boeing is monitoring its access to cash and believes it still has “significant market access" if it needs to supplement liquidity. Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co.
are managing the bond deal, said the person. Citi, BofA and Wells Fargo declined to comment while JPMorgan didn’t respond to a request for comment. ALSO READ: ‘Up to Boeing to..': Airbus says 'not unlikely' to take some Spirit Aero plants A spokesperson for Boeing declined to comment and referred Bloomberg to comments from its CFO in the recent earnings call.
Read more on livemint.com
