Offer includes 112.5 mln shares of common stock, 5 bln convertible stock
Planemaker burning cash due to sixweek strike
SP says stock offering 39;favorable39; for credit quality

Reuters Boeing launched a stock offering that could raise up to 24.3 billion as the planemaker looks to strengthen its finances squeezed by a more than sixweek strike by factory workers and preserve its investmentgrade credit rating.

The move will boost Boeing39;s battered finances, which have worsened since roughly 33,000 of its workers represented by the machinists union walked off their jobs in September, halting production of models including its cashcow 737 MAX aircraft.

The company said late on Monday it was offering 112.5 million shares in common stock, up from 90 million announced earlier in the day, and 5 billion in mandatory convertible securities.

The offering is certainly favorable for credit quality. We39;ll factor it into our assessment of the rating in the context of continued negative free cashflow, said Ben Tsocanos, aerospace director at SP Global Ratings.

Boeing has never fallen below the investmentgrade rating.

The planemaker said it had priced its stock offering at 143 per share, a 7.75 discount to its close on Friday, before the deal was announced. Boeing shares closed 2.8 lower at 150.69 on Monday.

Excluding options for the underwriters to purchase additional shares and securities, the offerings would raise about 21.1 billion, Boeing said.

A capital raising is…