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 July 23, 2014

News: Israel’s Iron Dome defense in line for tripled U.S. spending - Israel’s iron Dome missile defense system may end up getting triple the U.S. funding that the Defense Department sought for it in March. Ukraine asked U.S. for systems to counter Russian missiles - A month before the United States says a Russian missile likely brought...
 
 

News Briefs July 23, 2014

U.S. military deaths in Afghanistan at 2,194 As of July 22, 2014, at least 2,194 members of the U.S. military had died in Afghanistan as a result of the U.S.-led invasion of Afghanistan in late 2001, according to an Associated Press count. The AP count is three less than the Defense Department’s tally. At least...
 
 
Raytheon photograph

Raytheon completes key Air, Missile Defense Radar reviews

Raytheon photograph Partially-populated, full-sized Air and Missile Defense Radar array. Raytheon has completed two critical program reviews for the new Air and Missile Defense Radar, the U.S. Navy’s next generation integ...
 

 
Insitu photograph

Insitu demonstrates long endurance capabilities of Integrator unmanned aircraft

Insitu photograph Insitu’s Integrator unmanned aircraft recovers via SkyHook; the aircraft recently completed a 24-hour endurance flight. Insitu announced July 22 the successful 24-hour flight of its Integrator unmanned a...
 
 

NASA partners punctuate summer with spacecraft development advances

Spacecraft and rocket development is on pace this summer for NASA’s aerospace industry partners for the agency’s Commercial Crew Program as they progress through systems testing, review boards and quarterly sessions under their† Space Act Agreements with the agency. NASA engineers and specialists continue their review of the progress as the agency and partners move...
 
 

U.S. Navy selects Northrop Grumman for ship self-defense system

The U.S. Navy has awarded Northrop Grumman a $12 million task order for a full range of engineering services to continue modernizing the Ship Self-Defense System Mark 2. The contract has a potential value of $61 million over five years, if all options are exercised. SSDS MK2 is a combat system designed for anti-air defense...
 




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>