Boeing Sells $9.8 Billion of Bonds to Refinance Growing Debt
- Planemaker borrowing to help repay a $13.8 billion term loan
- Debt has swelled amid double blow of pandemic, 737 Max crises
Photographer: Simon Dawson/Bloomberg
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Boeing Co. sold $9.825 billion of bonds Tuesday, looking to refinance an over-levered balance sheet that swelled to keep money flowing in the pandemic.
The planemaker is borrowing to repay a portion of the $13.8 billion loan it drew down at the onset of the coronavirus outbreak, part of a borrowing spree that took its debt balance up to $63.6 billion by year end. It’s been able to call on bond investors time and time again, riding its way through one of the worst years in its century-long history amid a halt in global travel and the grounding of its best-selling plane.