FedEx to reduce debt by $2.6 billion after bond offering
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FILE PHOTO: A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake
(Reuters) -U.S. delivery firm FedEx Corp said on Tuesday it would reduce its net debt by $2.6 billion after it completes offerings of $1.75 billion of U.S. dollar-denominated notes and 1.25 billion euro-denominated notes.
The offerings represent the largest series of related debt transactions in its history, the company said in a statement.
Using proceeds from the debt offerings and existing cash, FedEx will eliminate all debt maturities through fiscal year 2025.
The offerings, which will be completed later this month, also include a 600 million euro sustainability bond tranche in Europe to fund its goal of carbon-neutral operations by 2040.
(Reporting by Shreyasee Raj; Editing by Ramakrishnan M.)
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