Boeing has decided not to seek government financial assistance under the CARES Act “at this time” after completing a massive $25 billion bond offering to shore up its liquidity during the Covid-19 crisis, the company confirmed Thursday. Structured across seven tranches with multiple maturities ranging from three to 40 years, the new debt will allow Boeing to avoid exchanging government loans for equity in the company, a scenario CEO David Calhoun has said multiple times he did not favor. Boeing also said it will not immediately pursue further funding through capital markets.

“The robust demand for the offering reflects strong support for the long-term strength of Boeing and the aviation industry,” said Boeing in a statement. “It is also in part a result of the confidence in the market created by the CARES Act and federal support programs that have been put in place—a testament to the Administration, Congress, and the Federal Reserve.”

Before the Senate voted unanimously to pass the $2 trillion CARES Act, Boeing called for a $60 billion injection for itself and its supply chain. At the time, however, it remained unclear whether or not the government would require taking partial ownership of the company as a condition of the support. But once language in the law allowed for the government to take warrants amounting to stock options in companies applying for the aid, Boeing’s efforts turned toward ensuring funding through the private sector.

In its first-quarter earnings release, Boeing reported a $1.4 billion loss from operations and a negative cash flow of $4.3 billion during the first quarter and stressed the need to manage near-term liquidity. Speaking with analysts during a subsequent conference call, Calhoun expressed optimism in the company’s ability to raise cash in the short term. Actions taken to mitigate cash burn include its draw-down on a term loan facility; reduction of operating costs and discretionary spending; extension of a share-repurchase moratorium; suspension of dividends “until further notice;” cutting research and development and capital expenditures, and eliminating CEO and chairman pay for the year.