Boeing Quickly Taps More Than Half of New $13.8 Billion Loan
- Plane maker draws $7.5 billion to help weather Max crisis
- Size of loan grew from $13 billion after two more banks joined
A Boeing Co. 777X airplane.
Photographer: Chona Kasinger/BloombergThis article is for subscribers only.
Boeing Co. has tapped $7.5 billion of a new loan that the U.S. plane maker arranged with banks earlier this month to give it more financial flexibility to weather the fallout from the 737 Max crisis, according to people familiar with the matter.
The loan was boosted to $13.825 billion after two more banks joined its lender group, said the people, who asked not to be named discussing a private transaction. Boeing had set the size of the loan at $13 billion earlier this month, an amount that grew from a planned $10 billion. The company at one point received commitments for $14 billion.