The Firm recently represented Goldman Sachs & Co. LLC, as dealer manager, in connection with FedEx Corporation’s (“FedEx”) offers to exchange (the “Exchange Offers”) any and all of its outstanding senior notes of certain series (collectively, the “Existing Notes”) for new notes and related consent solicitations (the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the Existing Notes. The Exchange Offers and Consent Solicitations were made in connection with the contemplated sale, exchange, transfer, distribution, or other disposition of assets and/or capital stock of one or more subsidiaries of FedEx resulting in the separation of the FedEx Freight business through the capital markets to create a new publicly traded company. An aggregate of approximately $10.7 billion principal amount of U.S. dollar denominated Existing Notes and an aggregate of approximately €940 million principal amount of euro denominated Existing Notes were validly tendered and accepted in the Exchange Offers.
FedEx provides a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing their flexible, efficient and intelligent global network. FedEx’s primary operating companies are Federal Express, the world’s largest express transportation company and a leading North American provider of small-package ground delivery services, and FedEx Freight, a leading North American provider of less-than-truckload freight transportation services.
The Simpson Thacher team for the transaction included, among others, Richard Fenyes, Patrick Baron and J. Carr Gamble (Capital Markets); Michael Mann (Tax); Michael Isby (Environmental); Pasco Struhs (Executive Compensation and Employee Benefits); Alysha Sekhon (Intellectual Property); Abram Ellis and Claire Cahoon (Regulatory); and Jennie Getsin (FINRA and Blue Sky).