The Investor
20 Mar 2025, 19:48
FedEx has announced the final results of its Exchange Offers and Consent Solicitations for senior notes, which expired on February 21, 2025. The offers were initiated in connection with the company's planned separation of its FedEx Freight business into a new publicly traded entity.
As of the expiration date, FedEx received valid tenders for $10.72 billion in U.S. dollar-denominated notes and €939.7 million in euro-denominated notes. The company also secured the necessary consents to amend the indentures governing the majority of these notes. The amendments will release FedEx Freight’s guarantee on the applicable notes once it is no longer a subsidiary of FedEx.
Settlement of the exchange is expected to occur on February 26, 2025. The new notes issued will have the same terms as the existing notes, except for modifications to the make-whole redemption calculation and conditional redemption notices.
As of the expiration date, FedEx received valid tenders for $10.72 billion in U.S. dollar-denominated notes and €939.7 million in euro-denominated notes. The company also secured the necessary consents to amend the indentures governing the majority of these notes. The amendments will release FedEx Freight’s guarantee on the applicable notes once it is no longer a subsidiary of FedEx.
Settlement of the exchange is expected to occur on February 26, 2025. The new notes issued will have the same terms as the existing notes, except for modifications to the make-whole redemption calculation and conditional redemption notices.