US - United Parcel Service has issued $1.5bn in bonds to help fund contributions to its pension plan.
The company, the world's largest parcel delivery firm, intends to use the net proceeds of the debt, due in 2021 and 2040, together with $1.2bn of cash to make early contributions to a number of its primary domestic pension plans which are otherwise payable over the next five years.
UPS's US pensions were underfunded by $2.41bn as of December 2009 - up from $3.49bn in 2008. In 2007 it boasted a surplus of $2.49bn, according to its most recent annual report.
Its pension funding commitments total $1bn a year through 2012, it added, falling to $509m by 2013.
UPS was not available for comment.
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