By Connor Hart
Boeing on Wednesday terminated a $10 billion supplemental credit agreement it had with several lenders.
Cancellation of the agreement comes after Boeing on Monday entered into an underwriting agreement with group of banks, including Bank of America Securities and Citigroup Global Markets, to sell 112.5 million shares of its common stock to the public at $143 each, the company said in a regulatory filing.
Boeing's still has three multi-year revolving credit agreements totaling $7 billion that remain in effect.
The aerospace company has been operating under severe financial strains and has warned that its operations will continue to burn cash through the next year. Its manufacturing operations were derailed after its largest labor union rejected two contract proposals and extended a strike that has halted most of its airplane production.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
10-30-24 1744ET