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.


 
 

 
boeing-ana2

Boeing announces ANA’s commitment to more jetliners

Airline continues fleet modernization with Boeing airplanes Boeing and All Nippon Airways announced Jan. 30 the airline’s intent to purchase three 787-10 Dreamliners to add additional flexibility to the airline’s 787 fleet....
 
 

Demand for airplanes lifts Boeing’s 4Q profit

Boeing’s fourth-quarter profit rose 19 percent as demand for commercial airliners trumped weakness in its defense business. Investors looked past a muted outlook for 2015 earnings and sent the shares to a 52-week high Jan. 28. Chicago-based Boeing and European rival Airbus have prospered as airlines around the world have gone on a shopping spree,...
 
 

Boeing wins $51 million contract to sustain ICBM guidance system

HUNTINGTON BEACH, Calif. – Boeing will provide sustaining engineering support for the guidance system of the Minuteman III intercontinental ballistic missile for the U.S. Air Force, ensuring the safety, security and effectiveness of the nation’s land-based nuclear deterrent, under a recently-awarded $51 million contract. “Since 1958, Boeing has stood alongside the U.S. Air Force to...
 

 

Orbital stockholders approve merger with ATK’s aerospace, defense groups

Orbital Sciences Corporation announced Jan. 27 that at a special meeting, the company’s stockholders voted overwhelmingly to approve the proposed merger with the Aerospace and Defense Groups of Alliant Techsystems Inc., pursuant to the definitive transaction agreement dated April 28, 2014. Approximately 99 percent of the votes cast at the special meeting voted in favor...
 
 

Northrop Grumman, MDA successfully complete command cyber readiness inspection

Northrop Grumman provided invaluable assistance for the U.S. Missile Defense Agency’s Excellent rating from the Command Cyber Readiness Inspection conducted on the Missile Defense Integration and Operations Center networks at Schriever Air Force Base, Colo. The CCRI evaluates a site’s compliance with information assurance and network defense policies and configuration standards for ...
 
 

Raytheon acquires Tucson-based Sensintel, Inc.

Raytheon has acquired privately-held Sensintel, Inc., a leading provider of unmanned aircraft systems solutions to the intelligence and special operations markets. Located in Tucson, Ariz., with approximately 50 employees, Sensintel will become part of Raytheon Company’s Missile Systems business. The transaction is not expected to materially impact Raytheon’s sales or earnings in th...
 




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>