Boeing raises about $21 bln in share sale

Investing.com– Boeing Co (NYSE:BA) said it raised around $21 billion in an upsized share sale on late-Monday, with the capital raise aimed at shoring up its cash position as the planemaker grapples with a slew of headwinds, most notably a recent strike. 

Boeing said it sold about 112.5 million common shares at a price of $143 per share- a nearly 8% discount to its $155.01 close on Friday. The stock closed at $150.69 on Monday. 

Boeing also said it sold about $5 billion of depository shares. 

The capital raise was aimed chiefly at improving Boeing’s cash position, as a long-running strike of around 33,000 workers saw the planemaker hemorrhage cash since early-September as production was halted.

Labor unions had recently rejected an offer from the company, amid demands for better pay and benefits. The company had last week reported a $6 billion loss for the third quarter, with reports suggesting the company was planning a slew of layoffs to help cut operating expenses.