Summary by Futu AI
On May 15, 2024, Boeing entered into a significant $4.0 billion five-year revolving credit agreement with Citibank and JPMorgan as joint lead arrangers and book managers. The agreement, which is set to terminate on May 15, 2029, includes provisions for interest rates based on Boeing's credit rating and contains customary covenants and events of default. Concurrently, Boeing terminated its existing $0.8 billion and $3.2 billion credit agreements, while maintaining its $3.0 billion agreements from 2022 and 2023. This strategic financial move is accompanied by the usual banking services provided by the lenders, who have a history of conducting various financial services for Boeing.