(Reuters) -Boeing ( BA ) on Monday launched a stock offering that could raise up to $19 billion as the planemaker looks to strengthen its finances squeezed by an over month-long worker strike and a year-long safety crisis.

The company is offering 90 million in common stock and $5 billion in depositary shares, that represent an interest in convertible preferred stock. The company's shares fell 1% in premarket trading.

The move will boost Boeing's ( BA ) 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 cash-cow 737 MAX aircraft.

The planemaker was already reeling under a regulator-imposed cap on production of its MAX jets after a January mid-air panel blowout.

The combination of labor woes and its production problems have caused it to burn cash the last three quarters. Last week, the company reported a $6 billion third-quarter loss and said it would burn cash next year. The same day, striking workers rebuffed an improved contract.

A capital raise is essentially for Boeing ( BA ) to preserve its investment-grade credit rating. Rating agencies have warned that a prolonged strike may lead to a downgrade in Boeing's ( BA ) credit rating, likely pushing up the cost of capital.

The strike is costing the company more than $1 billion per month, according to one estimate that was released before Boeing ( BA ) announced it would cut 10% of its workforce.

Earlier this month, Boeing ( BA ) entered into a $10 billion credit agreement with banks and announced plans to raise up to $25 billion through stock and debt offerings.

S&P Global has warned of a ratings downgrade if Boeing ( BA ) slipped below target cash balance of $10 billion or if the company had to increase leverage to meet debt maturities.

Boeing ( BA ), which has never fallen below the investment-grade rating, had cash and marketable securities of $10.50 billion as of Sept. 30.

It has $11.5 billion of debt maturing through Feb. 1, 2026, and is committed to issuing $4.7 billion of its shares to acquire Spirit AeroSystems and assume its debt.

Reuters had reported earlier this month Boeing ( BA ) was examining options to raise billions of dollars through a sale of stock and equity-like securities.

Boeing ( BA ) said on Monday it intends to use proceeds for general corporate purposes, which may include paying off debt.

Holders of the depositary shares will be entitled to a proportional fractional interest in the rights and preferences of the preferred stock, the company said.

The preferred stock is expected to have a liquidation preference of $1,000 per share.

(Reporting by Utkarsh Shetti and Abhijith Ganapavaram in Bengaluru; Editing by Sriraj Kalluvila)