Business

January 28, 2013

Boeing aircraft financing unit, Boeing Capital, to end separate SEC reporting

Boeing announced Jan. 23 that its aircraft financing and leasing unit, Boeing Capital Corporation, plans to suspend its separate U.S. Securities and Exchange Commission reporting.

The move will help streamline Boeing’s financial reporting process while not affecting the financing and leasing unit’s mission, operations or customer interactions. Boeing Capital’s financial information will continue to be included in Boeing’s SEC disclosures.

Boeing issued today a full and unconditional guarantee of all outstanding publicly issued debt securities of Boeing Capital. The aircraft financing unit will suspend its separate SEC reporting after filing its Form 10-K for 2012 in the coming weeks. In connection with the plan to suspend reporting obligations, BCC will file with the SEC today to terminate its current debt registration statement.

“This action will generate efficiencies in Boeing’s financial reporting process while allowing Boeing Capital to continue to fulfill its mission of supporting the company’s customers and managing its financial risks,” said Mike Cave, Boeing Capital’s president. “Our customers and stakeholders will see no change in Boeing Capital’s mission or how it operates. In addition, Boeing Capital intends to continue to maintain a target debt-to-equity ratio of 5 to 1.”

Cave said any future funding requirements for Boeing Capital are expected to be raised at the corporate level and then provided to Boeing Capital through intercompany loans.

Boeing Capital’s roots date back more than four decades in service to the aircraft financing needs of Boeing customers around the globe.

“Boeing Capital will continue to be reported as a segment in Boeing’s SEC reports, and we will continue to provide transparency into BCC’s financial results, financial position and leverage,” said Diana Sands, Boeing’s corporate vice president and controller.

BCC currently has approximately 150 employees and is headquartered in Renton, Wash., near Seattle.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines October 17, 2014

News: Turkey OK’s American drones to fight ISIS - Turkey is now allowing the U.S. to launch unmanned aircraft to fly over Syria. But so far, traditional warplanes are out of the question. New Ingalls boss focusing on cost performance, agility - Brian Cuccias has been in the Gulf Coast shipbuilding business for 35 years, working for...
 
 

News Briefs October 17, 2014

AM General laying off 60 from Indiana factory A company spokesman says AM General is laying off about 60 workers from the northern Indiana factory where it builds military vehicles. Company spokesman Jeff Adams says the layoffs are being made because of production schedule changes at its Military Assembly Plant in Mishawaka. Adams tells the...
 
 
Image courtesy of NASA, J. Lotz, (STScI

NASA’s Hubble finds extremely distant galaxy through cosmic magnifying glass

Image courtesy of NASA, J. Lotz, (STScI The mammoth galaxy cluster Abell 2744 is so massive that its powerful gravity bends the light from galaxies far behind it, making these otherwise unseen background objects appear larger a...
 

 
Northrop Grumman photograph by Alan Radecki

Second Northrop Grumman-built Triton UAS completes first flight

Northrop Grumman photograph by Alan Radecki The second MQ-4C Triton, built by Northrop Grumman for the U.S. Navy, successfully completed its first flight Oct. 15 PALMDALE, Calif. – The U.S. Navy’s second MQ-4C Triton un...
 
 
NASA photograph

NASA TV to air Russian spacewalk from International Space Station

NASA photograph Expedition 41 Commander Max Suraev and Flight Engineer Alexander Samokutyaev of the Russian Federal Space Agency will don Orlan spacesuits and step outside the International Space Station Oct. 22, to perform wor...
 
 
Raytheon photograph

Poland’s PIT-RADWAR signs letter of intent with Raytheon

Raytheon photograph Mike Shaughnessy, Vice President of Supply Chain, Raytheon Integrated Defense Systems and Jerzy Milosz, Member of Board and Director of R&D, PIT-RADWAR sign a letter of intent to explore further partners...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>