{"id":654190,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/boeing-kicks-off-massive-share-sale-to-shore-up-troubled-finances\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"boeing-kicks-off-massive-share-sale-to-shore-up-troubled-finances","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/boeing-kicks-off-massive-share-sale-to-shore-up-troubled-finances\/","title":{"rendered":"Boeing kicks off massive share sale to shore up troubled finances"},"content":{"rendered":"

Boeing is planning a USD 19 bn share sale<\/strong> that will see the embattled planemaker offering up 90 mn ordinary shares and USD 5 bn in depositary shares, the company said yesterday in a filing to the US Securities and Exchange Commission<\/a>. The offering \u2014 which could land Boeing up to USD 21.8 bn in proceeds when factoring potential over allotments \u2014 comes as it looks to shore up liquidity and prevent its credit rating from descending to junk status, Bloomberg<\/a> reports. <\/p>\n

(Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The proceeds of the share sale will go towards general corporate purposes<\/strong>, \u201cwhich may include, among other things, repayment of debt, additions to working capital, capital expenditures, and funding and investments in our subsidiaries,\u201d the aerospace giant said in its filing. Boeing will likely funnel some of the fresh funds towards restarting and scaling production once an agreement is hammered out to end an ongoing worker walkout<\/a>. <\/p>\n

Market reaction:<\/strong> The company\u2019s shares closed down 2.8% yesterday at USD 150.69 apiece.<\/p>\n

REFRESHER- <\/strong>Boeing unveiled plans earlier this month<\/a> to raise up to USD 25 bn through stock and debt offerings and another USD 10 bn in credit from major lenders as it struggles to maintain its credit rating with USD 11.5 bn in company-owed debt maturing through 1 February 2026. The present crisis marks the first time<\/a> that the planemaker has found itself at risk of losing its investment-grade credit rating.<\/p>\n

Boeing has had a rough time of it as of late: <\/strong>The company reported USD 6 bn in third quarter losses last week<\/a>, putting its losses so far this year at some USD 8 bn<\/a>, with CFO Brian West painting a bleak picture for the firm\u2019s freecash flows well into next year. A six week-long walkout by machinists has halted production at several of the aircraft maker\u2019s production lines, including those for \u201ccashcow\u201d 737 Max aircraft. The strike is estimated to cost Boeing up to USD 1 bn<\/a> per month and negotiations with the 33k striking workers hit a deadlock<\/a> over pensions last week. <\/p>\n

The aircraft maker is also grappling with the fallout from a string of recent safety failures<\/strong>, beginning with a mid-air panel blow out<\/a> on a Boeing aircraft in January that pushed the US Federal Aviation Administration to put in place a production cap on the 737 Max line. This was followed by whistleblower claims<\/a> that the aircraft maker is not adhering to safety guidelines at its production plants. <\/p>\n

ADVISORS- <\/strong>Boeing tapped Goldman Sachs, BofA Securities, Citigroup and JP Morgan as lead joint bookrunning managers on the offering, while Wells Fargo Securities, BNP Paribas, Deutsche Bank Securities, Mizuho, Morgan Stanley, RBC Capital Markets and SMBC Nikko are acting have stepped in as joint bookrunning managers.<\/p>\n

\n

MARKETS THIS MORNING-<\/p>\n

Asia-Pacific markets are off to a good start this morning<\/strong>, with most indexes in the green in early trading. Japan\u2019s Nikkei extended yesterday\u2019s gains, while the Hang Seng Index and mainland China\u2019s Shanghai Composite are also up. Korea\u2019s Kospi index is down slightly.<\/p>\n

It\u2019s a different <\/strong>view over on<\/strong> Wall Street<\/strong>, where US futures are all in the red despite the Dow Jones, S&P 500, and Nasdaq all closing up yesterday. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,774<\/p>\n<\/td>\n

\n

-0.1% (YTD: +23.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.63<\/p>\n<\/td>\n

\n

Sell 48.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.64<\/p>\n<\/td>\n

\n

Sell 48.74<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,053<\/p>\n<\/td>\n

\n

-0.1% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,308<\/p>\n<\/td>\n

\n

+1.1% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,537<\/p>\n<\/td>\n

\n

+1.3% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,824<\/p>\n<\/td>\n

\n

+0.3% (YTD: +22.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,286<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,970<\/p>\n<\/td>\n

\n

+0.5% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 71.42<\/p>\n<\/td>\n

\n

-6.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.26<\/p>\n<\/td>\n

\n

-2.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,753<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,908<\/p>\n<\/td>\n

\n

+2.9% (YTD: +65.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 <\/strong>fell <\/strong>0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 4.7 bn (13.2% above the 90-day average). International investors were the sole net sellers. The index is up 23.6% YTD.<\/p>\n

In the green: <\/strong>Credit Agricole Egypt (+4.4%), Ezz Steel (+3.9%), and B Investments Holding (+1.6%).<\/p>\n

In the red: <\/strong>Juhayna (-2.6%), AMOC (-2.2%), and Telecom Egypt (-2.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale is one of the largest ever for a public company<\/p>\n","protected":false},"author":1,"featured_media":654191,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1173,7106,72,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-boeing","tag-debt","tag-enterpriseam","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"6ccc2edd-fde1-4488-87ae-107e93ca9e92","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2502.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Boeing kicks off massive share sale as it looks to dodge junk credit rating","related_issue":[654168],"teaser":"The sale is one of the largest ever for a public company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.3be7f90f-0328-4159-bdff-e9a92c25d3cd.mp3"},"yoast_head":"\nBoeing kicks off massive share sale to shore up troubled finances - 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