US delivery company FedEx Corp finalized a planned issuance of $1.75bn of dollar-denominated bonds and $1.2bn of euro-denominated notes with the aim of reducing its net debt by $2.6bn. The offerings are the largest series of related debt transactions that FedEx has ever reported. The offering will be completed towards the end of May and included a $600mn euro-sustainability bond tranche to fund the 2040 company goal of carbon-neutral operations. Proceeds of the offerings will be used, alongside existing cash, to eliminate all debt maturities through 2025.
FedEx’s USD bonds were up with its 4.55% 2046s up 1.46 to 117.352 yielding 0.349%.
For the full story, click here