Boeing entered into a $2.48 billion, 364-day revolving credit agreement with Citibank as administrative agent, Citigroup Global Markets and JPMorgan Chase as joint lead arrangers and joint book managers and JPMorgan Chase as syndication agent.

This facility replaces Boeing’s previous 364-day credit agreement, which was scheduled to terminate on November 2, 2016.

Under the agreement, Boeing will pay a fee of 0.04% per annum on the commitments. Borrowings under the agreement that are not based on Eurodollar rates will bear interest at an annual rate equal to the highest of:

1. The rate announced publicly by Citibank as its “base” rate
2. The federal funds rate plus 0.50%
3. The ICE benchmark settlement rate plus 1.00%

Borrowings under the agreement that are based on Eurodollar rates will generally bear interest based on an applicable ICE benchmark settlement rate plus 0.835% per annum.

The agreement contains customary terms and conditions, including covenants restricting Boeing’s ability to permit consolidated debt in excess of 60% of Boeing’s total capital or to incur liens, merge or consolidate with another entity.