FEDEX CORP — Capital/Financing Update 2017

Jan 3, 2017

FWP 1 a16-23446_3fwp.htm FWP

Free Writing Prospectus Filed Pursuant to Rule 433

Registration Statement No. 333-207036

January 3, 2017

FedEx Corporation

Final Term Sheet

$450,000,000 3.300 % Notes due 2027

$750,000,000 4.400 % Notes due 2047

The information in this final term sheet relates to FedEx Corporation’s offering of notes in the series listed above and should be read together with the preliminary prospectus supplement dated January 3, 2017 relating to such offering (the “Preliminary Prospectus Supplement”) and the base prospectus dated September 18, 2015 (the “Base Prospectus”), including the documents incorporated by reference therein, each filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, Registration Statement No. 333-207036.

	3.300 % Notes due 2027
Issuer:	FedEx Corporation
Guarantors:	Federal Express Corporation
	FedEx Ground Package System, Inc.
	FedEx Freight Corporation
	FedEx Freight, Inc.
	FedEx Corporate Services, Inc.
	FedEx Office and Print Services, Inc.
	Federal Express Europe, Inc.
	Federal Express Holdings S.A.
	Federal Express International, Inc.
Title of Securities:	$450,000,000 3.300% Notes due 2027
Principal Amount:	$450,000,000
Expected Ratings (Moody’s / S&P)*:	Baa2 / BBB
Trade Date:	January 3 , 2017
Settlement Date (T+3):	January 6 , 2017
Maturity Date:	March 15 , 2027
Interest Payment Dates:	Semi-annually on each March 15 and September 15, commencing September 15, 2017
Optional Redemption Provisions:
Make-whole Call:	Prior to December 15, 2026, make-whole call at T+15 basis points
Par Call:	On or after December 15, 2026
Benchmark Treasury:	UST 2.00% due November 15, 2026
Benchmark Treasury Price / Yield:	96-03+ / 2.446 %
Spread to Benchmark Treasury:	+90 basis points
Reoffer Yield:	3.346 %
Coupon:	3.300 % per annum
Price to Public:	99.598 % of Principal Amount
CUSIP / ISIN:	31428X BM7 / US31428XBM74

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Joint Book-Running Managers:	Wells Fargo Securities, LLC
	Regions Securities LLC
	Scotia Capital (USA) Inc.
	SunTrust Robinson Humphrey, Inc.
Co-Managers:	BNP Paribas Securities Corp.
	Citigroup Global Markets Inc.
	Deutsche Bank Securities Inc.
	Goldman, Sachs & Co.
	HSBC Securities (USA) Inc.
	ING Financial Markets LLC
	J.P. Morgan Securities LLC
	Merrill Lynch, Pierce, Fenner & Smith
	Incorporated
	Mizuho Securities USA Inc.
	Morgan Stanley & Co. LLC
	Drexel Hamilton, LLC
	Lebenthal & Co., LLC

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	4.400 % Notes due 2047
Issuer:	FedEx Corporation
Guarantors:	Federal Express Corporation
	FedEx Ground Package System, Inc.
	FedEx Freight Corporation
	FedEx Freight, Inc.
	FedEx Corporate Services, Inc.
	FedEx Office and Print Services, Inc.
	Federal Express Europe, Inc.
	Federal Express Holdings S.A.
	Federal Express International, Inc.
Title of Securities:	$750,000,000 4.400% Notes due 2047
Principal Amount:	$750,000,000
Expected Ratings (Moody’s / S&P)*:	Baa2 / BBB
Trade Date:	January 3 , 2017
Settlement Date (T+3):	January 6 , 2017
Maturity Date:	January 15 , 2047
Interest Payment Dates:	Semi-annually on each January 15 and July 15, commencing July 15, 2017
Optional Redemption Provisions:
Make-whole Call:	Prior to July 15, 2046, make-whole call at T+25 basis points
Par Call:	On or after July 15, 2046
Benchmark Treasury:	UST 2.250% due August 15, 2046
Benchmark Treasury Price / Yield:	84-07+ / 3.064 %
Spread to Benchmark Treasury:	+140 basis points
Reoffer Yield:	4.464 %
Coupon:	4.400 % per annum
Price to Public:	98.946 % of Principal Amount
CUSIP / ISIN:	31428X BN5 / US31428XBN57
Joint Book-Running Managers:	Wells Fargo Securities, LLC
	Regions Securities LLC
	Scotia Capital (USA) Inc.
	SunTrust Robinson Humphrey, Inc.
Co-Managers:	BNP Paribas Securities Corp.
	Citigroup Global Markets Inc.
	Deutsche Bank Securities Inc.
	Goldman, Sachs & Co.
	HSBC Securities (USA) Inc.
	ING Financial Markets LLC
	J.P. Morgan Securities LLC

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Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Drexel Hamilton, LLC
Lebenthal & Co., LLC

• Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

This final term sheet supplements, and should be read in conjunction with, FedEx Corporation’s Preliminary Prospectus Supplement dated January 3, 2017 and accompanying Base Prospectus dated September 18, 2015 and the documents incorporated by reference therein.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting (i) Wells Fargo Securities, LLC toll-free at 1-800-645-3751, (ii) Regions Securities LLC at 1-404-279-7400, (iii) Scotia Capital (USA) Inc. toll-free at 1-800-372-3930 or (iv) SunTrust Robinson Humphrey, Inc. toll-free at 1-800-685-4786.

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.

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