Kirkland Advises Boeing on Close of $24.25 Billion Equity Offering Marking Largest Follow-On in History

Kirkland & Ellis led the $24.25 billion underwritten concurrent public offerings by The Boeing Company (NYSE: BA), one of the world's major aerospace firms and a leading manufacturer of commercial airplanes and defense, space and security systems. In the concurrent offerings that closed last week, Boeing issued 129,375,000 shares of common stock at a public offering price of $143.00 per share and $5.75 billion of depositary shares, each representing a 1/20th interest in a share of newly issued 6.00% Series A Mandatory Convertible Preferred Stock at a public offering price of $50.00 per depositary share. The offerings were upsized from the original announcement, and the underwriters have already exercised their over-allotment option in both offerings. Boeing intends to use the net proceeds from the offerings for general corporate purposes, which may include, among other things, repayment of debt, additions to working capital, capital expenditures and funding and investments in the company's subsidiaries.

This is the largest follow-on equity offering in history and the second record-breaking securities offering Kirkland has led for Boeing. In May 2020, Kirkland led Boeing's sale of $25 billion of bonds - the largest non-M&A bond offering of all time.

Read the transaction press release

The Kirkland team included capital markets lawyers Bob Hayward, Michael Keeley and Ben Richards.