Boeing on Monday launched a stock offering that could raise up to $19 billion as the planemaker looks to strengthen its finances squeezed by an over month-long strike by its workers and preserve its investment-grade credit rating.
The company is offering 90 million in common stock and $5 billion in mandatory convertible securities.
Based on Friday’s closing price, Boeing can raise $13.95 billion from the common stock offering, though such issues are typically priced at a discount to ensure enough demand.
The company’s shares were last down marginally in volatile premarket trading on Monday.
The move will boost Boeing’s battered finances, which have worsened since roughly 33,000 of its workers represented by the machinists union walked off their jobs in September, halting production of models including its cash-cow 737 MAX aircraft….