FedEx Freight Holding Company, Inc., a wholly owned subsidiary of FedEx Corp., has completed the pricing of a private placement totaling $3.7 billion in senior notes in support of its planned spin-off. The offering comprises $1 billion of 4.300% notes due 2029, $1 billion of 4.650% notes due 2031, $700 million of 4.950% notes due 2033 and $1 billion of 5.250% notes due 2036. Proceeds will be used for general corporate purposes and to fund distribution of the spun-off entity’s equity to FedEx shareholders. The transaction strengthens the balance sheet of the standalone freight business, extending debt maturities and locking in fixed rates below 5.25%, while preserving liquidity for capital investments in network modernization.

Effective June 1, Scott Ray will assume the role of chief operating officer for U.S. and Canada Surface Operations, after transitioning as COO-elect beginning February 1. Reporting to President and CEO Raj Subramaniam, Ray succeeds John Smith, who will become CEO of FedEx Freight. With 39 years at FedEx, including roles as president of Surface Operations and EVP/COO of FedEx Ground, Ray led the 2010 consolidation of Ground and Home Delivery networks and the 2019 SmartPost integration. He will oversee daily delivery operations for millions of packages and drive strategic initiatives such as Network 2.0. Under his leadership, the Surface Operations team will report directly to him, streamlining the executive structure to support operational efficiency and growth.