FedEx Freight Holding Company, a wholly owned subsidiary of FedEx Corp., has successfully priced a private senior notes offering totaling $3.7 billion to support the planned spin-off of its freight unit. The issuance is split into four tranches: $1.0 billion of 4.300% notes due 2029, $1.0 billion of 4.650% notes due 2031, $700 million of 4.950% notes due 2033 and $1.0 billion of 5.250% notes due 2036. Proceeds from the offering will be used for general corporate purposes and to optimize the debt structure of the future standalone freight company. The weighted average maturity of the new debt is approximately 7.9 years, extending the subsidiary’s debt profile beyond its existing maturities and locking in fixed coupons in the current interest-rate environment. This financing move enhances balance-sheet flexibility and positions the freight business with a strong investment-grade credit foundation ahead of its spin-off expected later this year.

FedEx Corp. has appointed Scott Ray as chief operating officer for its U.S. and Canada surface network, effective June 1, with a transition period beginning February 1 under the title COO-elect. Ray, a 39-year FedEx veteran who has been president of Surface Operations since 2024 and formerly served as EVP and COO of FedEx Ground, will oversee daily delivery of millions of packages, implement strategic initiatives including Network 2.0 and lead all surface operations leadership teams. He succeeds John Smith, who will become CEO of FedEx Freight on June 1. Reporting directly to CEO Raj Subramaniam, Ray’s elevation to the FedEx Executive Committee underscores the company’s focus on operational excellence and integration ahead of the ongoing Network 2.0 transformation. No backfill is planned for the president of Surface Operations role, consolidating oversight under Ray to drive efficiency and long-term value for customers and shareholders.