Boeing Enters $3.0B 364‑Day Revolving Credit Facility; Extends 5‑Year Lines

What Happened Boeing announced on Aug. 24, 2026 (filed Aug. 28, 2026) that it entered into a $3.0 billion, 364‑day revolving credit agreement (the “364‑Day Credit Agreement”) with Citibank, N.A. and JPMorgan Chase Bank, N.A. as joint lead arrangers/book managers (Citibank as administrative agent). The new facility replaces a prior $3.0 billion, 364‑day revolver that was scheduled to terminate on Aug. 24, 2026. On the same date Boeing also amended and extended its two existing five‑year revolving credit agreements (the May 15, 2024 facility and the Aug. 24, 2023 facility), each extended by 365 days and amended to include a $5.0 billion minimum liquidity covenant.

Key Details

• New 364‑day facility: $3.0 billion in commitments; scheduled termination Aug. 23, 2027; Boeing may convert outstanding borrowings into one‑year term loans or request a further 364‑day extension.
• Pricing and fees: commitment fee of 0.125%–0.300% p.a.; SOFR‑based borrowings at Term SOFR + 1.250%–1.700% (margin depends on Boeing’s credit rating). Alternate rate borrowings are the higher of Citibank’s base rate, fed funds + 0.50%, or one‑month Term SOFR + 1.00%, plus a margin of 0.250%–0.700% (rating‑dependent).
• Covenants and defaults: covenant capping consolidated debt at 60% of total capital and requiring minimum liquidity of $5.0 billion; events of default include missed payments (5 business‑day grace), material misstatements, uncured covenant breaches (30‑day cure), certain ERISA liabilities, cross‑defaults, and bankruptcy. Lenders may accelerate repayment and stop advances if a default continues.
• Amended five‑year facilities: the May 15, 2024 facility is now $4.0 billion and terminates May 15, 2030; the Aug. 24, 2023 facility remains $3.0 billion and now terminates Aug. 24, 2029.

Why It Matters This filing documents Boeing’s continued access to committed bank liquidity and updates covenants that could affect how the company manages cash and debt. The new short‑term revolver and the extended five‑year lines provide backstops for funding needs, but they include a $5.0 billion liquidity minimum and a 60% consolidated‑debt cap that Boeing must meet. Interest costs under the facilities will vary with Boeing’s credit rating and benchmark rates (SOFR or base/fed funds), so borrowing costs can change with market conditions and rating moves. The filing also creates a new direct financial obligation (the 364‑day revolver) and confirms lenders’ standard rights on defaults.