May 8, 2018 / 9:46 PM / 6 months ago

BRIEF-Fedex To Purchase $6 Bln Group Annuity Contract From Metropolitan Life Insurance Company

May 8 (Reuters) - FedEx Corp:

* FEDEX TO PURCHASE $6 BILLION GROUP ANNUITY CONTRACT FROM METROPOLITAN LIFE INSURANCE COMPANY TO REDUCE PENSION OBLIGATIONS

* FEDEX CORP - BY TRANSFERRING THE OBLIGATIONS TO METROPOLITAN LIFE, FEDEX WILL REDUCE ITS U.S. PENSION PLAN LIABILITIES BY APPROXIMATELY $6 BILLION

* FEDEX CORP - PURCHASE OF GROUP ANNUITY CONTRACT WILL BE FUNDED DIRECTLY BY ASSETS OF PENSION PLANS

* FEDEX CORP - FOLLOWING ANNUITY PURCHASE AND TRANSFER, PENSION PLANS WILL REMAIN WELL FUNDED

* FEDEX CORP -TO RECOGNIZE ONE-TIME NON-CASH PENSION SETTLEMENT CHARGE, TO BE INCLUDED IN FY 2018 YEAR-END MARK-TO-MARKET PENSION ACCOUNTING ADJUSTMENTS Source text for Eikon: Further company coverage:

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