Business Context and Reporting Period
Company: The Boeing Company
Filing Type: Form 8-K (Current Report)
Date of Report: October 30, 2013
Event: Extension of termination dates and increase in commitments for existing revolving credit agreements.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or operating margins. It focuses exclusively on liquidity and debt capacity adjustments.
- 364-Day Credit Agreement: Total commitments increased to approximately $2.39 billion.
- 5-Year Credit Agreement: Total commitments increased to approximately $2.45 billion.
- Combined Liquidity Facility: Approximately $4.84 billion in total commitments.
Material Changes Versus Prior Period
On October 30, 2013, lenders agreed to the following modifications to the credit agreements originally entered into on November 10, 2011:
- Term Extension: Both the 364-Day and 5-Year Credit Agreements were extended for an additional 364 days (one year for the 5-Year Agreement).
- Commitment Increase: Commitments were raised from the original $2.3 billion per agreement to $2.39 billion and $2.45 billion, respectively.
- New Maturity Dates:
- 364-Day Agreement: Now terminates November 6, 2014 (with an option to convert to a term loan maturing November 6, 2015).
- 5-Year Agreement: Terminates November 10, 2018 for approximately $2.39 billion of commitments and November 10, 2017 for the remainder.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on operational outlook, or discussion of new risks. The Credit Agreements remain subject to the same terms and conditions as previously disclosed in the Form 8-K dated November 10, 2011.
Investor Verification Checklist
- Verify the specific fee structure associated with the extension and the option to convert the 364-Day Agreement into a term loan.
- Confirm the breakdown of the 5-Year Credit Agreement commitments between the 2017 and 2018 maturity tranches.
- Review the original November 10, 2011 Form 8-K to understand the covenants and conditions that remain unchanged.
- Assess the impact of the increased credit capacity on the company's overall leverage ratios and liquidity position.