FedEx has commenced cash tender offers to purchase up to $4.15 billion aggregate purchase price of its outstanding notes, using proceeds from a $4.1 billion dividend received after spinning off FedEx Freight. The offers cover 19 series of notes with maturities ranging from 2028 to 2065, and include an early tender premium of $30 per $1,000 principal amount for holders who tender by July 9, 2026. The total consideration will be determined based on a fixed spread over reference U.S. Treasury securities, with early settlement expected on July 14 and final settlement on July 28. The tender is part of FedEx's strategy to reduce debt and maintain a leverage-neutral profile following the spin-off.
FedEx CorporationFedEx launches $4.15B debt tender to reduce leverage after spin-off, strengthening balance sheet.