FedEx Corporation announced the early results and pricing terms for its cash tender offers to repurchase various series of its outstanding notes, with an aggregate purchase price capped at $4.15 billion. The offers were oversubscribed as of the early tender deadline on July 9, 2026. Consequently, FedEx will purchase all notes from the top 12 priority levels and a prorated portion of the 13th priority level, with no notes tendered after the deadline being accepted.
Key Details
- Offer Cap: The aggregate purchase price for the notes is capped at $4,150,000,000, not including accrued and unpaid interest.
- Accepted Notes: FedEx will accept for purchase all notes from Acceptance Priority Levels 1 through 12. Notes in Priority Level 13 (5.100% Notes due 2044) will be purchased on a prorated basis of approximately 41.3%. Notes in priority levels 14-19 will not be accepted.
- Funding Source: The purchase will be funded with the proceeds of the approximately $4.1 billion dividend received from the spin-off of FedEx Freight on June 1, 2026, along with cash on hand.
- Settlement Date: The early settlement date for the accepted notes is expected to be July 14, 2026.