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FedEx Corp announces $2 billion senior notes offering and accelerated share repurchase program


Monday, 6 Jan 2014 09:13am EST 

FedEx Corp:Says that it intends to offer, subject to market and other conditions, $2 billion of senior unsecured notes pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.Says FedEx intends to use proceeds from the offering to make payments under accelerated share repurchase agreements (ASRs) with Goldman, Sachs & Co. and JPMorgan Chase Bank, National Association, London Branch, which are part of the company`s previously announced share repurchase program.Says the effectiveness of the ASRs is conditioned upon the closing of the notes offering.Says FedEx has agreed to repurchase an aggregate of $2 billion of its common stock from the banks, with an initial delivery of about 11.4 million shares based on current market prices.Says the final number of shares to be repurchased under each ASR will be based on a discount to the volume-weighted average stock price for Rule 10b-18 eligible transactions in FedEx`s common stock during the term of the relevant transaction.Says purchases under the ASRs are expected to be completed prior to the end of FedEx`s current fiscal year on May 31.Says FedEx expects to continue to repurchase shares in the open market from time to time, subject to market and other conditions.Says J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. 

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