Boeing to borrow $10 billion and raise an additional $25 billion

The Street
The Street
  • 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Boeing is looking to borrow and raise billions.

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:04One day after the Dow closed above 43,000 for the first time ever, stocks are struggling
00:10to hold gains.
00:11Techs are a drag, but financials are mostly higher.
00:14Bank of America, the country's second largest bank, topped profit estimates due to strength
00:18in its trading unit.
00:20Goldman Sachs beat forecasts on strong numbers from investment banking.
00:24Cost controls and a slight revenue bump helped Citigroup exceed expectations.
00:29Turning to other headlines, Boeing is looking to raise up to $25 billion to bolster its
00:35finances as it grapples with a crippling workers' strike now in its second month.
00:40The airplane maker said it could raise the money through stock or bond offerings spread
00:44across three years.
00:45Quote, this universal shelf registration provides flexibility for the company to seek a variety
00:50of capital options as needed to support the company's balance sheet over a three-year
00:56period.
00:57The cash infusion would come on top of a new $10 billion line of credit it has received
01:02from a collection of banks.
01:04Boeing is under pressure to shore up its finances as the walkout by 30,000 machinists grounds
01:09business to a halt.
01:11S&P Global Ratings warns Boeing's credit rating is in jeopardy as it loses an estimated $1
01:17billion a month.
01:19There's also some belt tightening going on.
01:21Boeing is planning to lay off 17,000 workers and further delay production on its latest
01:26wide-body plane in order to survive the strike.
01:30Boeing's troubles, however, began before the strike.
01:33Two deadly plane crashes and a door flying off midair delayed production put its safety
01:38record under scrutiny and caused the company to start burning through cash.
01:44That'll do it for your daily briefing from the New York Stock Exchange.
01:46I'm Conway Gittins with The Street.

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