Boeing has secured commitments of more than $12 billion in financing from more than a dozen banks, as the industrial giant shores up its balance sheet amid the nearly yearlong grounding of the 737 Max, CNBC.com reported. The manufacturer last week was trying to secure a loan of at least $10 billion, according to CNBC. The 737 Max was grounded after two crashes — a Lion Air flight in Indonesia in October 2018 and an Ethiopian Airlines flight last March — together killed all 346 people on board. The crashes handed Boeing one of the biggest crises in its more than 100-year history, one that has rippled through its supply chain and to its airline customers. The size of the loan, at least $2 billion more than originally sought, is a vote of confidence in the manufacturer from lenders. The financing will be a two-year delayed-draw loan, meaning that Boeing doesn’t have to use it all immediately, and is set to cost 100 points over Libor.
