FedEx Corp. (NYSE: FDX) launched cash tender offers for multiple series of outstanding notes, capped at an aggregate purchase price of $4.15 billion, according to a press release dated June 25, 2026.

The offers cover 19 series of notes with maturities ranging from 2028 to 2065, including notes carrying coupon rates between 2.400% and 5.250%. FedEx will accept notes in order of acceptance priority levels using a waterfall methodology, subject to the $4.15 billion offer cap.

The move follows FedEx's spin-off of FedEx Freight Holding Company, Inc., which was completed on June 1, 2026. Under the spin-off, FedEx distributed 80.1% of FedEx Freight's outstanding common stock to FedEx shareholders on a pro rata basis. In connection with the transaction, FedEx Freight paid a cash dividend of approximately $4.1 billion to FedEx, which will be used alongside cash on hand to fund the tender offers.

FedEx said the tender offers are intended to reduce its outstanding debt and maintain a leverage-neutral profile following the spin-off.

Holders who tender notes at or before 5:00 p.m. New York time on July 9, 2026 will be eligible for a total consideration that includes an early tender premium of $30 per $1,000 principal amount. The offers are scheduled to expire on July 24, 2026. Early settlement payments are expected on July 14, 2026, with final settlement expected on July 28, 2026.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., and Wells Fargo Securities, LLC are serving as lead dealer managers. Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. are acting as co-dealer managers.