Shearman And Sterling

News May 04, 2020

Boeing’s Record-Breaking $25 Billion Bond Offering

Shearman & Sterling advised on Boeing’s $25 billion bond offering, which was spread across seven tranches with maturities ranging from three to 40 years. The offering represents the largest non-M&A bond offering of all time, the sixth-largest investment-grade bond offering of all time, and the biggest year-to-date.

Shearman & Sterling represented a syndicate of over 50 investment banks, led by Citigroup, BofA Securities, J.P. Morgan, and Wells Fargo Securities. The firm’s involvement with Boeing’s record bond offering follows the firm’s involvement with Ford Motor Company’s historic $8 billion bond offering a week prior, which was the largest unsecured high-yield bond of all time.

In February, Shearman & Sterling advised Citibank, as administrative agent, on a $13 billion two-year delayed-draw term loan for Boeing.

Boeing is the world’s largest aerospace company and leading manufacturer of commercial jetliners, defense, space and security systems, and service provider of aftermarket support. As America’s biggest manufacturing exporter, the company supports airlines and U.S. and allied government customers in more than 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.

Shearman & Sterling has been among the most active firms in advising companies and financial institutions in connection with financing transactions since the COVID-19 pandemic. Our deep bench of lawyers have helped companies in all industries with complex and rapidly evolving deals to ensure liquidity during this unprecedented time. Our team has advised on over 50 transactions since the beginning of March, with an aggregate U.S. dollar value of approximately $90 billion.

The Team