FedEx closes three-tranche debt offering totaling €2 billion and $1.1 billion
The delivery giant issued euro-denominated notes due in 2030 and 2034 alongside dollar notes due in 2036.
FedEx Corp. (FDX) closed its multi-tranche debt offering on Monday, raising €2 billion and $1.1 billion across three distinct series of notes, according to a regulatory filing.
Key takeaways
- Issued €1,100,000,000 aggregate principal amount of 4.000% notes due 2030.
- Issued €900,000,000 aggregate principal amount of 4.625% notes due 2034.
- Issued $1,100,000,000 aggregate principal amount of 5.750% notes due 2036.
- Both offerings were consummated on September 14, 2026.
Note terms and tranches
The company entered into underwriting agreements on September 9 for the debt issuance. The euro notes underwriting agreement involved Citigroup Global Markets Limited, Merrill Lynch International, Wells Fargo Securities International Limited, BNP Paribas, and ING Bank N.V.
The USD notes underwriting agreement involved BofA Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, and Scotia Capital (USA) Inc.
Guarantors for the offerings include wholly owned subsidiaries Federal Express Corporation, Federal Express International Inc., and Federal Express Europe Inc. U.S. Bank Trust Company National Association acts as trustee.
Why it matters
The transaction brings total debt issued across all tranches well above the threshold for major capital markets activity, utilizing both European and domestic markets simultaneously. The filing does not disclose the specific intended use of proceeds beyond incorporating the exhibits into an existing registration statement.
By the numbers
| Metric | Value | Source |
|---|---|---|
| Euro 2030 Notes Principal | €1,100,000,000 | 8-K filing |
| Euro 2030 Notes Coupon | 4.000% | 8-K filing |
| Euro 2034 Notes Principal | €900,000,000 | 8-K filing |
| Euro 2034 Notes Coupon | 4.625% | 8-K filing |
| USD 2036 Notes Principal | $1,100,000,000 | 8-K filing |
| USD 2036 Notes Coupon | 5.750% | 8-K filing |
| Closing Date | September 14, 2026 | 8-K filing |
Closing and registration details
The notes and related guarantees were registered under a Form S-3 registration statement. Legal opinions regarding the legality of the issuances were provided by Skadden Arps Slate Meagher & Flom LLP, alongside opinions from internal counsel regarding subsidiary matters.