Federal Express offering of pass through certificates
Davis Polk advised Federal Express Corporation in connection with a registered offering of $970 million principal amount of 1.875% 2020 Pass Through Certificates.
The 2020 Pass Through Certificates represent interests in the FedEx Pass Through Trust 2020-1AA (the “Trust”), which holds Equipment Notes issued by the company and secured by 13 Boeing 767-300F aircraft and six Boeing 777F aircraft.
Federal Express Corporation, which does business as FedEx Express, is a subsidiary of FedEx Corporation and is the world's largest express transportation company, offering time-definite delivery to more than 220 countries and territories, connecting markets that comprise more than 99% of the world’s gross domestic product.
The Davis Polk finance team included partner Joseph P. Hadley and associates Jason Palios and Daniel P. Schley. Partner Nicholas A. Kronfeld, counsel Drew Glover and associates Dan Gibbons and Alba Baze provided capital markets advice. Partner Po Sit, counsel Leslie J. Altus and associate Christopher A. Baratta provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.