FedEx Corp. announced the final results of its exchange offers and consent solicitations for senior notes, which expired on February 21, 2025. The company successfully accepted for exchange an aggregate of $10,724,846,000 principal amount of Existing USD Notes and €939,697,000 principal amount of Existing Euro Notes.
Crucially, the requisite number of consents was received for 20 series of Existing Notes, enabling the adoption of proposed amendments to facilitate the planned separation of FedEx Freight. These amendments provide for the automatic release of FedEx Freight, Inc.'s guarantee upon its cessation as a subsidiary of FedEx.
This successful completion marks a significant step in optimizing the capital structures of both FedEx and the future independent FedEx Freight company. The settlement of these exchange offers is expected on February 26, 2025, demonstrating substantial progress towards the tax-free spin-off of FedEx Freight.
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