FedEx Sells $2 Billion of Bonds to Speed Stock Buybacks
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FedEx Corp. sold $2 billion of bonds today to speed up stock buybacks, following through on plans for a record repurchase program announced last year at the operator of the world’s largest cargo airline.
Accelerated repurchase agreements with Goldman Sachs Group Inc. and JPMorgan Chase & Co. should result in “an initial delivery” of about 11.4 million shares at current prices, FedEx said today. The Memphis, Tennessee-based company said buybacks under the accords should be done by the end of May.