FedEx is commencing cash tender offers for 19 series of outstanding notes. The aggregate purchase price for the tender offers is capped at $4.15 billion. The offer is funded by a $4.1 billion cash dividend received from the recent spin-off of FedEx Freight, supplemented by cash on hand. The strategy aims to reduce outstanding indebtedness and maintain a leverage-neutral profile following the spin-off. An early tender premium of $30 per $1,000 principal amount is available for notes tendered by July 9, 2026.