Obligation Boeing 2.3% ( US097023CL77 ) en USD

Boeing

100 % ▼

Etas-Unis

US097023CL77 ( en USD )

2.3% par an ( paiement semestriel )

01/08/2021 - Obligation échue

Prospectus brochure de l'obligation Boeing US097023CL77 en USD 2.3%, échue

2 000 USD

750 000 000 USD

097023CL7

BBB- ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

Boeing est un important fabricant américain d'avions commerciaux et militaires, de systèmes de défense et de sécurité, et de lanceurs spatiaux.

L'Obligation émise par Boeing ( Etas-Unis ) , en USD, avec le code ISIN US097023CL77, paye un coupon de 2.3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/08/2021

L'Obligation émise par Boeing ( Etas-Unis ) , en USD, avec le code ISIN US097023CL77, a été notée Baa2 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par Boeing ( Etas-Unis ) , en USD, avec le code ISIN US097023CL77, a été notée BBB- ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

424B2
424B2 1 d756851d424b2.htm 424B2
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-219630
CALCULATION OF REGISTRATION FEE

Amount
Title of Each Class of
to be
Amount of
Securities to be Registered

Registered

Offering Price

Registration Fee(1)
2.300% Senior Notes due 2021

$750,000,000

$749,970,000

$90,896.37
2.700% Senior Notes due 2027

$1,000,000,000

$997,300,000

$120,872.76
2.950% Senior Notes due 2030

$750,000,000

$749,122,500

$90,793.65
3.250% Senior Notes due 2035

$750,000,000

$748,822,500

$90,757.29
3.750% Senior Notes due 2050

$1,250,000,000

$1,239,437,500

$150,219.83
3.950% Senior Notes due 2059

$1,000,000,000

$990,650,000

$120,066.78

(1)
The registration fee, calculated in accordance with Rule 457(r), is being transmitted to the SEC on a deferred basis pursuant to Rule 456(b).

Table of Contents
PROSPECTUS SUPPLEMENT
(To Prospectus dated August 2, 2017)

The Boeing Company
$5,500,000,000
$750,000,000 2.300% Senior Notes due 2021
$1,000,000,000 2.700% Senior Notes due 2027
$750,000,000 2.950% Senior Notes due 2030
$750,000,000 3.250% Senior Notes due 2035
$1,250,000,000 3.750% Senior Notes due 2050
$1,000,000,000 3.950% Senior Notes due 2059
We are offering $750,000,000 aggregate principal amount of our 2.300% senior notes due 2021 (the "2021 notes"), $1,000,000,000 aggregate principal amount of
our 2.700% senior notes due 2027 (the "2027 notes"), $750,000,000 aggregate principal amount of our 2.950% senior notes due 2030 (the "2030 notes"), $750,000,000 aggregate
principal amount of our 3.250% senior notes due 2035 (the "2035 notes"), $1,250,000,000 aggregate principal amount of our 3.750% senior notes due 2050 (the "2050 notes"), and
$1,000,000,000 aggregate principal amount of our 3.950% senior notes due 2059 (the "2059 notes" and, together with the 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes
and the 2050 notes, the "notes").
The 2021 notes will mature on August 1, 2021. The 2027 notes will mature on February 1, 2027. The 2030 notes will mature on February 1, 2030. The 2035 notes
will mature on February 1, 2035. The 2050 notes will mature on February 1, 2050. The 2059 notes will mature on August 1, 2059.
We will pay interest on the 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes on each February 1 and August 1,
commencing on February 1, 2020.
We may redeem the 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 and the 2059 notes prior to maturity, in whole or in part, at the respective
redemption prices set forth herein. See "Description of Notes--Optional Redemption." The notes will not be listed on any securities exchange. Currently, there are no public
markets for the notes.
The notes will be our unsecured senior obligations. The notes will rank equally in right of payment with all of our existing and future unsecured and unsubordinated
indebtedness and will rank senior in right of payment to any existing and future indebtedness that is subordinated to the notes.
Investing in the notes involves risks. See the section titled "Risk Factors" beginning on page S-8 of this prospectus supplement and in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2018 and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2019.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Per 2021
Per 2027
Per 2030
Per 2035
Per 2050
Per 2059

Note

Total

Note

Total

Note

Total

Note

Total

Note

Total

Note

Total

Price to Public(1)
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
99.996% $749,970,000 99.730% $997,300,000 99.883% $749,122,500 99.843% $748,822,500 99.155% $1,239,437,500 99.065% $990,650,000
Underwriting
Discounts
0.200% $
1,500,000 0.400% $
4,000,000 0.450% $
3,375,000 0.600% $
4,500,000 0.875% $
10,937,500 0.925% $
9,250,000
Proceeds, before
expenses, to The
Boeing Company 99.796% $748,470,000 99.330% $993,300,000 99.433% $745,747,500 99.243% $744,322,500 98.280% $1,228,500,000 98.140% $981,400,000

(1) Plus accrued interest from July 31, 2019, if settlement occurs after that date.
We urge you to carefully read this prospectus supplement and the accompanying prospectus, which describe the terms of the offering, before you make your
investment decision.

The underwriters expect to deliver the notes to purchasers in book-entry form only, through the facilities of The Depository Trust Company for the accounts of its
participants, including Clearstream Banking S.A. and the Euroclear Bank, S.A./N.V., against payment on or about July 31, 2019.
Joint Book-Running Managers for the 2021 Notes

J.P. Morgan

Barclays

RBC Capital Markets
Lloyds Securities

SunTrust Robinson Humphrey

US Bancorp
Joint Book-Running Managers for the 2027 Notes

J.P. Morgan

Mizuho Securities

MUFG
BofA Merrill Lynch

BBVA

Santander
Joint Book-Running Managers for the 2030 Notes

J.P. Morgan

Deutsche Bank Securities

Wells Fargo Securities
Citigroup

COMMERZBANK

SOCIETE GENERALE
Joint Book-Running Managers for the 2035 Notes

J.P. Morgan

Credit Suisse

SMBC Nikko
Credit Agricole CIB

Mizuho Securities

Santander
Joint Book-Running Managers for the 2050 Notes

J.P. Morgan

BofA Merrill Lynch

Morgan Stanley
BBVA

BNP PARIBAS

Credit Suisse
Joint Book-Running Managers for the 2059 Notes

J.P. Morgan

Citigroup

Goldman Sachs & Co. LLC
BNP PARIBAS

SMBC Nikko

SOCIETE GENERALE
The date of this prospectus supplement is July 29, 2019.
Table of Contents
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT

Page
ABOUT THIS PROSPECTUS SUPPLEMENT
S-1
FORWARD-LOOKING STATEMENTS
S-2
SUMMARY
S-4
RISK FACTORS
S-8
USE OF PROCEEDS
S-10
DESCRIPTION OF NOTES
S-11
MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
S-17
UNDERWRITING
S-22
LEGAL MATTERS
S-32
PROSPECTUS

ABOUT THIS PROSPECTUS
1
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
THE BOEING COMPANY
1
RISK FACTORS
2
FORWARD-LOOKING STATEMENTS
2
USE OF PROCEEDS
3
RATIO OF EARNINGS TO FIXED CHARGES
3
DESCRIPTION OF DEBT SECURITIES
3
DESCRIPTION OF CAPITAL STOCK
17
PLAN OF DISTRIBUTION
18
LEGAL MATTERS
19
EXPERTS
19
WHERE YOU CAN FIND MORE INFORMATION
19
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
20
In making your investment decision, you should rely only on the information contained in or incorporated by reference in this prospectus
supplement, the accompanying prospectus and any free writing prospectus relating to this offering that we may provide to you. Neither The Boeing
Company nor the underwriters have authorized anyone to provide you with information that is different. If anyone provides you with different or
inconsistent information, you should not rely on it. Neither The Boeing Company nor the underwriters are making an offer of these notes in any jurisdiction
where the offer is not permitted.
In connection with the offering, the underwriters are not acting for anyone other than Boeing and will not be responsible to anyone other than
Boeing for providing the protections afforded to their clients nor for providing advice in relation to the offering.

S-i
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and other
matters relating to us and our financial condition. The second part is the accompanying prospectus, which gives more general information about securities
we may offer from time to time, some of which may not apply to this offering. This prospectus supplement and the accompanying prospectus are part of a
registration statement that we filed with the Securities and Exchange Commission (the "SEC") using the SEC's shelf registration rules. You should read
both this prospectus supplement and the accompanying prospectus, together with additional information described in the accompanying prospectus in the
sections titled "Where You Can Find More Information" and "Incorporation of Certain Information by Reference."
Any statement made in this prospectus supplement, in the accompanying prospectus or in a document incorporated or deemed to be
incorporated by reference in this prospectus supplement or the accompanying prospectus will be deemed to be modified or superseded for purposes of this
prospectus supplement to the extent that a statement contained in this prospectus supplement or in any other subsequently filed document that is also
incorporated or deemed to be incorporated by reference in this prospectus supplement or the accompanying prospectus modifies or supersedes that
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus
supplement or the accompanying prospectus. You should not assume that the information in this prospectus supplement, in the accompanying prospectus
and any free writing prospectus is accurate as of any date other than the date on the front of those documents or that the information incorporated by
reference is accurate as of any date other than the date of the document incorporated by reference. The Boeing Company's business, financial condition,
results of operations and prospects may have changed since those dates.
This prospectus supplement and the accompanying prospectus contain information about The Boeing Company and the notes. They also refer
to information contained in other documents that we file with the SEC.
The terms "Boeing," "we," "us" and "our" as used in this prospectus supplement refer to The Boeing Company.
MiFID II Product Governance. Any distributor subject to Directive 2014/65/EU (as amended, "MiFID II") subsequently offering, selling or
recommending the notes is responsible for undertaking its own target market assessment in respect of the notes and determining the appropriate distribution
channels for the purposes of the MiFID II product governance rules under Commission Delegated Directive (EU) 2017/593 ("Delegated Directive").
Neither Boeing nor any of the underwriters make any representations or warranties as to a distributor's compliance with the Delegated Directive.

https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
S-1
Table of Contents
FORWARD-LOOKING STATEMENTS
Certain statements in this prospectus supplement or included or incorporated by reference in the accompanying prospectus may be "forward-
looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates"
and similar expressions are used to identify these forward-looking statements. Forward-looking statements are based upon assumptions about future events
that may not be accurate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to
predict. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by law. Specific factors that could cause actual results to differ materially from
forward-looking statements include, but are not limited to, risks related to the factors set forth below and other important factors disclosed previously and
from time-to-time in our other filings with the SEC:

·
the timing and conditions surrounding return to service of the 737 MAX fleet;

·
general conditions in the economy and our industry, including those due to regulatory changes;

·
our reliance on our commercial airline customers;

·
the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial

development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards;

·
changing budget and appropriation levels and acquisition priorities of the U.S. government;

·
our dependence on U.S. government contracts;

·
our reliance on fixed-price contracts;

·
our reliance on cost-type contracts;

·
uncertainties concerning contracts that include in-orbit incentive payments;

·
our dependence on our subcontractors and suppliers, as well as the availability of raw materials;

·
changes in accounting estimates;

·
changes in the competitive landscape in our markets;

·
our non-U.S. operations, including sales to non-U.S. customers;

·
threats to the security of our or our customers' information;

·
potential adverse developments in new or pending litigation and/or government investigations;

·
customer and aircraft concentration in our customer financing portfolio;

·
changes in our ability to obtain debt on commercially reasonable terms and at competitive rates;

·
realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures;

·
the adequacy of our insurance coverage to cover significant risk exposures;

·
potential business disruptions, including those related to physical security threats, information technology or cyber attacks,

sanctions or natural disasters;

S-2
Table of Contents

·
work stoppages or other labor disruptions;

·
substantial pension and other postretirement benefit obligations; and

·
potential environmental liabilities.
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2

S-3
Table of Contents
SUMMARY
The following summary is provided solely for your convenience. It is not intended to be complete. You should read carefully this entire
prospectus supplement, the accompanying prospectus and all the information included or incorporated by reference herein or therein, especially the
risks discussed in the section titled "Risk Factors" beginning on page S-8 of this prospectus supplement and in our periodic reports filed with the
SEC.
The Boeing Company
The Boeing Company is one of the world's major aerospace firms and a leading manufacturer of commercial airplanes and defense,
space and security systems. Our products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense
systems, launch systems, advanced information and communication systems, and performance-based logistics and training. We are organized based
on the products and services we offer. We operate in four reportable segments:

·
Commercial Airplanes;

·
Defense, Space & Security;

·
Global Services; and

·
Boeing Capital.
The Boeing Company was incorporated in Washington in 1916 and reincorporated in Delaware in 1934. Our principal executive offices
are located at 100 N. Riverside, Chicago, Illinois 60606-1596 and our telephone number is (312) 544-2000. We maintain a website at
www.boeing.com. We have not incorporated by reference into this prospectus supplement the information on our website, and you should not consider
it to be a part of this prospectus supplement.
The information above concerning The Boeing Company is only a summary and does not purport to be comprehensive. For additional
information about The Boeing Company, you should refer to the information described in "Where You Can Find More Information" in the
accompanying prospectus.

S-4
Table of Contents
The Offering
The following summary contains basic information about the notes and this offering. It does not contain all of the information that may
be important to you. For a more complete understanding of this offering, we encourage you to read this entire prospectus supplement and the
accompanying prospectus.

Issuer
The Boeing Company

Notes Offered
$5,500,000,000 aggregate principal amount of notes, consisting of:

·
$750,000,000 aggregate principal amount of 2.300% senior notes due 2021;

·
$1,000,000,000 aggregate principal amount of 2.700% senior notes due 2027;

·
$750,000,000 aggregate principal amount of 2.950% senior notes due 2030;

·
$750,000,000 aggregate principal amount of 3.250% senior notes due 2035;

·
$1,250,000,000 aggregate principal amount of 3.750% senior notes due 2050; and
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2

·
$1,000,000,000 aggregate principal amount of 3.950% senior notes due 2059.

Maturity Date
The 2021 notes will mature on August 1, 2021, the 2027 notes will mature on February 1, 2027, the 2030
notes will mature on February 1, 2030, the 2035 notes will mature on February 1, 2035, the 2050 notes
will mature on February 1, 2050, and the 2059 notes will mature on August 1, 2059, unless the 2021 notes,
the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes or the 2059 notes are redeemed in whole as
described below under "Description of Notes--Optional Redemption."

Interest Rate
The 2021 notes will bear interest from July 31, 2019 at the rate of 2.300% per annum, payable semi-
annually in arrears.

The 2027 notes will bear interest from July 31, 2019 at the rate of 2.700% per annum, payable semi-

annually in arrears.

The 2030 notes will bear interest from July 31, 2019 at the rate of 2.950% per annum, payable semi-

annually in arrears. .

The 2035 notes will bear interest from July 31, 2019 at the rate of 3.250% per annum, payable semi-

annually in arrears.

The 2050 notes will bear interest from July 31, 2019 at the rate of 3.750% per annum, payable semi-

annually in arrears.

The 2059 notes will bear interest from July 31, 2019 at the rate of 3.950% per annum, payable semi-

annually in arrears.

Interest Payment Dates
February 1 and August 1 of each year, commencing on February 1, 2020.

Use of Proceeds
We expect the net proceeds from this offering to be approximately $5,433.3 million, after deducting the
underwriting discounts and our estimated

S-5
Table of Contents
offering expenses totaling approximately $8.5 million. We intend to use approximately $4,000.0 million of
the net proceeds from this offering to fund our previously announced joint venture with Embraer that we
expect to close in the fourth quarter of 2019. We intend to use the remaining net proceeds for general

corporate purposes. If the joint venture does not close when expected or at all, we intend to use all of the
net proceeds from this offering for general corporate purposes. See the section titled "Use of Proceeds" in
this prospectus supplement.

Optional Redemption
The 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes will be
redeemable at our option in whole at any time, or in part from time to time, prior to their maturity.
See "Description of Notes--Optional Redemption" in this prospectus supplement.

The 2021 notes will be subject to redemption at a redemption price equal to the greater of:

·
100% of the principal amount of the notes then outstanding to be redeemed; or

·
the sum of the present values of the Remaining Scheduled Payments (as defined in this prospectus

supplement) on the 2021 notes to be redeemed, plus, in each case, accrued and unpaid interest on
the principal amount being redeemed to, but not including, the redemption date.

Prior to December 1, 2026, November 1, 2029, November 1, 2034, August 1, 2049, and February 1, 2059
(two months, three months, three months, six months, and six months prior to maturity of the 2027 notes,

the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes, respectively), the notes will be subject
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
to redemption at a redemption price equal to the greater of:

·
100% of the principal amount of the notes then outstanding to be redeemed; or

·
the sum of the present values of the Remaining Scheduled Payments (as defined in this prospectus
supplement) on the notes to be redeemed that would be due if the notes to be redeemed matured on

the Par Call Date (as defined below), plus, in each case, accrued and unpaid interest on the
principal amount being redeemed to, but not including, the redemption date.

The present value will be determined by discounting the remaining principal and interest payments to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months),

using the Treasury Rate (as defined in this prospectus supplement) applicable to such notes, plus 10 basis
points, 15 basis points, 15 basis points, 20 basis points, 20 basis points, and 25 basis points for the 2021
notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes, respectively.

On or after December 1, 2026, November 1, 2029, November 1, 2034, August 1, 2049 and February 1,

2059 (two months, three months, three months, six months and six months prior to maturity of the 2027
notes, the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes, respectively) (each, a "Par Call

S-6
Table of Contents
Date"), we may redeem the notes at a redemption price equal to 100% of the principal amount of the notes

to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but not
including, the redemption date. See "Description of Notes--Optional Redemption" for more information.

Ranking
The notes will be our unsecured senior obligations. The notes will rank equally in right of payment with
all of our existing and future unsecured and unsubordinated indebtedness and will rank senior in right of
payment to any existing and future indebtedness that is subordinated to the notes. The notes will be
effectively subordinated to all of our existing and future secured indebtedness to the extent of the assets
securing such indebtedness and structurally subordinated to the indebtedness and liabilities of our
subsidiaries.

Certain Covenants
The indenture governing the notes limits our ability and the ability of our subsidiaries, among other things,
to:

·
create liens without equally and ratably securing the notes; and

·
engage in certain sale and leaseback transactions.

The indenture also limits our ability to engage in mergers, consolidations and certain sales of assets. These
covenants are subject to important exceptions and qualifications, as described in the sections titled

"Description of Debt Securities--Limitation on Liens" and "Description of Debt Securities--Sale and
Leaseback Transactions" in the accompanying prospectus.

Additional Notes
We may, without notice to or consent of the holders or beneficial owners of any series of the notes, issue
additional notes in a separate offering having the same ranking, interest rate, maturity and other terms as
the notes of a particular series.

The notes of such series and any such additional notes will constitute a single series under the indenture.

No Listing
We do not intend to list the notes on any securities exchange or automated dealer quotation system. The
notes will be new securities for which there currently are no public markets. See "Risk Factors--Risks
Related to the Offering--There may not be active trading markets for the notes" in this prospectus
supplement.

Trustee
The Bank of New York Mellon Trust Company, N.A.
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2

Governing Law
The notes will be, and the indenture pursuant to which we will issue the notes is, governed by the laws of
the State of New York.

Risk Factors
Investing in the notes involves risks. See the section titled "Risk Factors" beginning on page S-8 of this
prospectus supplement and other information included or incorporated by reference in the accompanying
prospectus for a discussion of factors you should carefully consider before deciding to invest in the notes.

S-7
Table of Contents
RISK FACTORS
An investment in the notes is subject to certain risks. This prospectus supplement does not describe all of the risks of an investment in the
notes. You should consult your own financial and legal advisors about the risks entailed by an investment in the notes and the suitability of an investment in
the notes in light of your particular circumstances. For a discussion of the factors you should carefully consider before deciding to purchase any notes that
may be offered, please read "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018 and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2019, as well as those risk factors included below that are related to this offering. Additional risks
and uncertainties not currently known to us or that we currently deem immaterial may also adversely affect our business and operations. If any of the
matters described in the risk factors were to occur, our business, financial condition, results of operations, cash flows or prospects could be materially
adversely affected. In such case, you could lose all or a portion of your investment.
Risks Related to the Offering
The notes are structurally subordinated to the liabilities of our subsidiaries.
The notes are obligations exclusively of The Boeing Company and not of any of our subsidiaries. A significant portion of our operations is
conducted through our subsidiaries. Our subsidiaries are separate legal entities that have no obligation to pay any amounts due under the notes or to make
any funds available therefor, whether by dividends, loans or other payments. Except to the extent we are a creditor with recognized claims against our
subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority with respect to the
assets of such subsidiaries over our claims (and therefore the claims of our creditors, including holders of the notes). Consequently, the notes will be
structurally subordinated to all liabilities of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish. As of June 30, 2019,
our subsidiaries had approximately $0.7 billion of outstanding debt.
Negative covenants in the indenture will have a limited effect.
The indenture governing the notes contains only limited negative covenants that apply to us and our subsidiaries. These covenants do not limit
the amount of additional debt that we may incur and do not require us to maintain any financial ratios or specific levels of net worth, revenues, income,
cash flows or liquidity. Accordingly, the indenture does not protect holders of the notes in the event we experience significant adverse changes in our
financial condition or results of operations. See the sections titled "Description of Debt Securities--Limitation on Liens" and "Description of Debt
Securities--Sale and Leaseback Transactions" in the accompanying prospectus. In light of the limited negative covenants applicable to the notes, holders of
the notes may be structurally or contractually subordinated to new lenders.
An increase in market interest rates could result in a decrease in the value of the notes.
In general, as market interest rates rise, notes bearing interest at a fixed rate generally decline in value because the premium, if any, over
market interest rates will decline. Consequently, if you purchase fixed rate notes and market interest rates increase, the market value of your fixed rate
notes may decline.
There may not be active trading markets for the notes.
The 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes and the 2059 notes are new issues of securities for which
currently there are no trading markets. We do not intend to apply for listing of the notes on any securities exchange or any automated quotation system. The
underwriters have advised us that they currently intend to make a market in each of the 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050
notes and the 2059 notes. However, the underwriters are not obligated to do so, and any market-making

S-8
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
Table of Contents
with respect to the notes may be discontinued at any time without notice. Accordingly, there can be no assurance that trading markets for the notes will
ever develop or will be maintained. Further, there can be no assurance as to the liquidity of any markets that may develop for the notes, your ability to sell
your notes or the prices at which you may be able to sell your notes. Future trading prices of the notes will depend on many factors, including prevailing
interest rates, our financial condition and results of operations, the then-current ratings assigned to the notes and the markets for similar securities. Any
trading markets that develop would be affected by many factors independent of and in addition to the foregoing, including:

·
time remaining to the maturity of the notes;

·
outstanding amount of the notes;

·
the terms related to optional redemption of the notes; and

·
the level, direction and volatility of market interest rates generally.

S-9
Table of Contents
USE OF PROCEEDS
We expect the net proceeds from this offering to be approximately $5,433.3 million, after deducting the underwriting discounts and our
estimated offering expenses totaling approximately $8.5 million. We intend to use approximately $4,000.0 million of the net proceeds from this offering to
fund our previously announced joint venture with Embraer that we expect to close in the fourth quarter of 2019. We intend to use the remaining net
proceeds for general corporate purposes. If the joint venture does not close when expected or at all, we intend to use all of the net proceeds from this
offering for general corporate purposes.

S-10
Table of Contents
DESCRIPTION OF NOTES
The following description of the notes offered by this prospectus supplement is intended to supplement, and to the extent inconsistent to
replace, the more general terms and provisions of the debt securities described in the accompanying prospectus, to which we refer you. Each series of
notes is a separate series of debt securities. This description of the notes is only a summary and may not include all the information that is important to
you. You should read the indenture we refer to below and the notes for more details regarding our obligations and your rights with respect to the notes. As
used in this "Description of Notes," unless otherwise expressly stated or the context otherwise requires, all references to "we," "us" and "ours," mean
The Boeing Company and not its subsidiaries.
General
The notes will be issued as separate series of senior debt securities under a senior indenture dated February 1, 2003 between us and The Bank
of New York Mellon Trust Company, N.A., as successor to JPMorgan Chase Bank, or any successor trustee. The indenture has been filed as an exhibit to
the registration statement of which this prospectus supplement and the accompanying prospectus are a part.
The 2021 notes will mature on August 1, 2021, the 2027 notes will mature on February 1, 2027, the 2030 notes will mature on February 1,
2030, the 2035 notes will mature on February 1, 2035, the 2050 notes will mature on February 1, 2050 and the 2059 notes will mature on August 1, 2059,
respectively, unless the 2021 notes, the 2027 notes, the 2030 notes, the 2035 notes, the 2050 notes or the 2059 are earlier redeemed, each at 100% of their
respective principal amounts. The notes will be our senior unsecured obligations and will rank equally in right of payment with all of our other senior
unsecured indebtedness from time to time outstanding. The notes will be structurally subordinated to all liabilities of our subsidiaries, including trade
payables. The indenture does not limit the amount of notes, debentures or other evidences of indebtedness that we may issue under the indenture and
provides that notes, debentures or other evidences of indebtedness may be issued from time to time in one or more series.
The original principal amount of the 2021 notes will be $750,000,000.
The original principal amount of the 2027 notes will be $1,000,000,000.
The original principal amount of the 2030 notes will be $750,000,000.
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

424B2
The original principal amount of the 2035 notes will be $750,000,000.
The original principal amount of the 2050 notes will be $1,250,000,000.
The original principal amount of the 2059 notes will be $1,000,000,000.
We may from time to time, without giving notice to or seeking the consent of the holders of the notes, issue debt securities having the same
terms and, in some cases, the public offering price and the first interest payment date as, and ranking equally and ratably with, the notes of such series. Any
additional debt securities having such similar terms, together with the notes of such series, will constitute a single series of securities under the indenture,
including for purposes of voting and redemptions. No such additional debt securities may be issued if an "event of default" (as such term is defined in the
accompanying prospectus) has occurred and is continuing with respect to the notes of such series.
The 2021 notes will bear interest at the rate of 2.300% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2021 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.

S-11
Table of Contents
The 2027 notes will bear interest at the rate of 2.700% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2027 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
The 2030 notes will bear interest at the rate of 2.950% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2030 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
The 2035 notes will bear interest at the rate of 3.250% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2035 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
The 2050 notes will bear interest at the rate of 3.750% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2050 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
The 2059 notes will bear interest at the rate of 3.950% per year from July 31, 2019, payable semi-annually in arrears on February 1 and
August 1 of each year, commencing February 1, 2020, to the persons in whose names the notes were registered at the close of business on the immediately
preceding January 15 and July 15, respectively (whether or not a business day). Interest on the 2059 notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.
Principal and interest will be payable, and the notes will be transferable or exchangeable, at the office or offices or agency maintained by us for
this purpose. Payment of interest on the notes may be made at our option by check mailed to the registered holders.
Any payment otherwise required to be made in respect of notes on a date that is not a business day for the notes may be made on the next
succeeding business day with the same force and effect as if made on that date. No additional interest shall accrue as a result of a delayed payment for the
notes. A business day is defined in the indenture as a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close.
The notes will be issued only in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. No service charge will be made for any transfer or exchange of the notes, but we may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection with a transfer or exchange. The notes of each series will be represented by one or more global securities
registered in the name of a nominee of The Depository Trust Company ("DTC"). The notes will be available only in book-entry form. Refer to "Book-
Entry, Delivery and Form" below.
https://www.sec.gov/Archives/edgar/data/12927/000119312519207167/d756851d424b2.htm[7/31/2019 9:33:51 AM]

Document Outline

#1">
- #1">