FedEx launches exchange offers for $16B+ senior notes to facilitate Freight separation

FEDEX CORP

Exchange offers cover 22 series of outstanding notes: $14.4B USD and €1.75B Euro total principal.
Holders tendering by Jan 22, 2025 receive $30/$970 principal per $1,000 plus $2.50 cash as early incentive.
Consents sought to automatically release FedEx Freight's guarantee upon its separation from FedEx.
Freight separation expected within 18 months; intended to be tax-free; capital structure not levered.
Each exchange offer is independent; no minimum tender required; separation not conditioned on offers.

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