FedEx Corp. Announces Cash Tender Offers Pricing

On July 10, 2026, FedEx Corp. (NYSE: FDX) announced the pricing details of its previously disclosed cash tender offers aimed at repurchasing up to $4.15 billion of its aggregate outstanding notes. These offers, referred to as the “Offers,” are part of the company’s strategic financial management efforts and include a variety of notes with different maturity dates and interest rates.

The Offers were initiated under the terms outlined in the Offer to Purchase dated June 25, 2026. They employ a “waterfall” methodology, prioritizing the acceptance of notes based on specified acceptance priority levels.

FedEx indicated that following the pricing at 10:00 a.m. New York City time, the company expects to fully accept the following series of notes based on their respective acceptance priority levels:

In addition, the company expects to accept a prorated portion of the 5.100% Notes due 2044 (Level 13), given that the aggregate purchase price may not exceed the Offer Cap.

The “Total Consideration” for each series of notes that are validly tendered before the Early Tender Time, which was set at 5:00 p.m. New York City time on July 9, 2026, includes an early tender premium of $30 per $1,000 principal amount. This premium will not be considered an additional payment but is part of the total calculation.

Holders of validly tendered notes will also receive any accrued and unpaid interest up to the Early Settlement Date, which is scheduled for July 14, 2026.

FedEx anticipates purchasing an aggregate principal amount of approximately $4.86 billion worth of notes that were validly tendered before the Early Tender Time.

Due to the high demand, notes that fall within the Acceptance Priority Levels will be accepted on a prorated basis if the total principal amount exceeds the Offer Cap. Specifically, for the 5.100% Notes due 2044, a proration factor of approximately 41.3% is expected to be applied.

Notably, several series of notes, including the 3.100% Notes due 2029 and 5.250% Notes due 2050, will not be accepted for purchase in this round of tender offers, reinforcing the selective nature of the financial strategy employed by FedEx.

The Offers are set to expire at 5:00 p.m. New York City time on July 24, 2026, unless extended or terminated earlier. However, because the tendered notes exceeded the Offer Cap, there will be no Final Settlement Date, and notes tendered after the Early Tender Time will not be accepted.

This strategic move by FedEx underlines its ongoing commitment to managing its debt levels effectively while also providing liquidity options for its bondholders. As the company navigates the complexities of the financial landscape, the outcome of these tender offers will be closely watched by investors and analysts alike, as it will have implications for FedEx’s future financial flexibility and operational strategies.