FedEx tender offers draw bids exceeding $4.15 billion cap

FedEx Corp. (NYSE: FDX) announced early tender results for its cash tender offers covering 19 series of notes, with bids received by the July 9, 2026 deadline surpassing the company's $4.15 billion offer cap.

According to a press release, the aggregate purchase price of notes validly tendered before the early tender deadline is expected to exceed the cap, prompting FedEx to accept notes on a priority basis using a waterfall methodology.

FedEx expects to accept the full amount tendered for notes with acceptance priority levels 1 through 12, which include series ranging from the 4.500% Notes due 2065 to the 3.900% Notes due 2035. Notes with priority level 13, the 5.100% Notes due 2044, will be accepted only on a prorated basis. Notes with priority levels 14 through 19 — including the 3.100% Notes due 2029, 5.250% Notes due 2050, 3.400% Notes due 2028, 4.250% Notes due 2030, 4.200% Notes due 2028, and 4.900% Notes due 2034 — will not be accepted.

FedEx also stated it does not expect to accept any notes tendered after the early tender deadline, given that bids already exceed the offer cap.

Holders whose notes are accepted will receive a total consideration that includes an early tender premium of $30 per $1,000 in principal amount, plus accrued and unpaid interest through July 14, 2026, the expected early settlement date. The final consideration price was set to be determined at 10:00 a.m. New York time on July 10, 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.

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