Boeing Co. (BA:NYSE)

The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of those who purchased the common stock of Boeing Co. between May 4, 2009 and June 22, 2009 (the 'Class Period'). The complaint charges that Boeing and certain of its officers and directors violated the federal securities laws. Specifically, defendants made misleading statements in effort to: (i) forestall further cancellations of orders for the Dreamliner 787 ('787'), Boeing's principal next generation commercial airplane, particularly as the orders for its competition, Airbus A380, were gaining ground; (ii) conceal that the 787 had a structural problem in its design that would prevent the first flight of the 787 by June 30, 2009, and delivery in the first quarter of 2010; and (iii) enable Boeing to make a positive presentation concerning the test results for the 787 and the schedule for the first flight and delivery of the 787 at the Paris Airshow, scheduled for June 15-18, 2009, at which Boeing hoped to receive additional orders for the 787. On June 23, 2009, Boeing announced that the first flight of the 787 would be postponed due to a 'need to reinforce an area within the side-of-body section of the aircraft.

Boeing Co., towed the first 747-8 Freighter out of the factory in Everett, Wash. The airplane, ultimately destined for Cargolux, will be painted and begin preparations for flight test. The 747-8 Freighter is the new high-capacity 747 that will give cargo operators the lowest operating costs and best economics of any freighter airplane while providing enhanced environmental performance. It is 250 feet, 2 inches (76.3 m) long, which is 18 feet and 4 inches (5.6 m) longer than the 747-400 Freighter. The stretch provides customers with 16% more revenue cargo volume compared to its predecessor. That translates to four additional main-deck pallets and three additional lower-hold pallets.

On November 13, 2009, Boeing Co. entered into a $1.525 billion, 364-day revolving credit agreement (the '364-Day Credit Agreement'), with Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as joint lead arrangers and joint book managers, JPMorgan Chase Bank, N.A. as syndication agent and Citibank, N.A. as administrative agent, and a syndicate of lenders as defined in the 364-Day Credit Agreement. This facility replaces the $1.0 billion, 364-day credit agreement entered into on November 14, 2008. Under the 364-Day Credit Agreement, the company pay a commitment fee of 0.10% per annum on the unused commitments. Borrowings under the 364-Day Credit Agreement that are not based on Eurodollar rates bear interest at an annual rate based on the 'base rate' of interest in effect plus the applicable margin. The 'base rate' of interest is the highest of (1) the rate announced publicly by Citibank, N.A., from time to time, as Citibank’s 'base' rate, (2) the Federal Funds Rate plus 0.50% and (3) the British Bankers Association one month LIBOR plus 1.00%. The 'applicable margin' is the greater of (a) the market rate spread minus 1.00% and (b) 0% per annum. The 'market rate spread' means at any date credit default swap mid-rate spread for the one-year period beginning on the most recent reset date for the applicable advance, provided that the market rate spread shall have a floor and a cap depending upon the rating of long-term senior unsecured debt with a floor of 0.75% and a cap of 2.00%. Borrowings under the 364-Day Credit Agreement that are based on Eurodollar rates are generally based on an applicable LIBOR rate plus the market rate spread, as defined above.