Obbligazione United Parcel Delivery 5.125% ( US911312AK23 ) in USD

Emittente United Parcel Delivery
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US911312AK23 ( in USD )
Tasso d'interesse 5.125% per anno ( pagato 2 volte l'anno)
Scadenza 01/04/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione United Parcel Service US911312AK23 in USD 5.125%, scaduta


Importo minimo 2 000 USD
Importo totale 1 000 000 000 USD
Cusip 911312AK2
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata United Parcel Service (UPS) è una società multinazionale americana di logistica e trasporto pacchi, leader mondiale nel settore della consegna espresso.

The Obbligazione issued by United Parcel Delivery ( United States ) , in USD, with the ISIN code US911312AK23, pays a coupon of 5.125% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 01/04/2019







Prospectus Supplement
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424B5 1 d424b5.htm PROSPECTUS SUPPLEMENT
Table of Contents
FILED PURSUANT TO RULE 424(B)(5)
REGISTRATION NO. 333-147737
CALCULATION OF REGISTRATION FEE


Proposed
Proposed
Amount
Maximum
Maximum
Amount of

to be
Offering Price
Aggregate
Registration

Registered
Per Unit
Offering Price
Fee (1)
3.875% Senior Notes Due 2014
$1,000,000,000
99.778%
$997,780,000
$55,677
5.125% Senior Notes Due 2019
$1,000,000,000
99.929%
$999,290,000
$55,761

(1) Calculated in accordance with Rule 457(r) of the Securities Act.
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PROSPECTUS SUPPLEMENT
TO PROSPECTUS DATED NOVEMBER 30, 2007
$2,000,000,000

UNITED PARCEL SERVICE, INC.
3.875% Senior Notes due April 1, 2014
5.125% Senior Notes due April 1, 2019
We are offering $1,000,000,000 of 3.875% Senior Notes due April 1, 2014, which we refer to as the "2014 Notes" and
$1,000,000,000 of 5.125% Senior Notes due April 1, 2019, which we refer to as the "2019 Notes." We refer to the 2014
Notes and the 2019 Notes collectively as the "notes."
We will pay interest on the notes on April 1 and October 1 of each year beginning October 1, 2009. The 2014 Notes will
bear interest at a rate of 3.875% per year and the 2019 Notes will bear interest at a rate of 5.125% per year. We may redeem
any of the notes at any time by paying the greater of the principal amount of the notes or a "make-whole" amount, plus, in
each case, accrued interest.
The notes will be unsecured and will rank equally with our other unsecured and unsubordinated debt.

Underwriting
Price to
Discounts and
Proceeds to


the Public
Commissions
UPS
Per 2014 Note

99.778%
0.350%
99.428%
Per 2019 Note

99.929%
0.450%
99.479%
Combined Total

$1,997,070,000
$8,000,000
$1,989,070,000
Investing in the notes involves risk. See "Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2008.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved
or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus to
which it relates is truthful or complete. Any representation to the contrary is a criminal offense.
Delivery of the notes will be made in book-entry form only through the facilities of The Depository Trust Company
("DTC") and its direct and indirect participants, including Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking,
société anonyme ("Clearstream"), on or about March 24, 2009.

Joint Book-Running Managers (2014 Notes)

CITI
J.P. MORGAN
BARCLAYS CAPITAL
UBS INVESTMENT BANK
Joint Book-Running Managers (2019 Notes)

CITI
J.P. MORGAN BANC OF AMERICA SECURITIES LLC
MORGAN STANLEY
Senior Co-Managers

BNP PARIBAS

GOLDMAN, SACHS & CO.
WELLS FARGO SECURITIES
Co-Managers

CASTLEOAK SECURITIES, L.P. CREDIT SUISSE
HSBC
MITSUBISHI UFJ SECURITIES RAMIREZ & CO., INC.
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RBC CAPITAL MARKETS
RBS GREENWICH
BANCA IMI SOCIETE GENERALE
THE WILLIAMS CAPITAL GROUP,
CAPITAL
L.P.
The date of this prospectus supplement is March 19, 2009
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You should rely only on the information contained or incorporated by reference in this prospectus supplement,
the accompanying prospectus or any free writing prospectus filed by us with the Securities and Exchange Commission
(the "SEC"). We have not, and the underwriters have not, authorized anyone else to provide you with different or
additional information. If anyone provides you with different or additional information, you should not rely on it. We
are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer and
sale is not permitted. You should not assume that the information in this prospectus supplement, the accompanying
prospectus, any free writing prospectus or any document incorporated by reference is accurate as of any date other
than the date of such document. Our business, financial condition, results of operations and prospects may have
changed since those dates.

TABLE OF CONTENTS

Prospectus Supplement

Page
About this Prospectus Supplement

S-1
Description of UPS

S-1
Cautionary Note Regarding Forward-Looking Statements

S-1
Use of Proceeds

S-1
Capitalization

S-2
Description of the Notes

S-2
Certain U.S. Federal Income Tax Consequences

S-9
Underwriting
S-13
Legal Opinions
S-16
Incorporation of Certain Documents by Reference
S-16
Prospectus

Page
About This Prospectus

1
Description of UPS

1
Where You Can Find More Information

2
Cautionary Note Regarding Forward-Looking Statements

3
Use of Proceeds

3
Ratio of Earnings to Fixed Charges

3
Description of the Debt Securities

4
Description of the Preferred Stock

15
Description of the Common Stock

16
Anti-Takeover Effects of Our Certificate, By-Law Provisions and Delaware Law

17
Description of the Warrants

18
Legal Opinions

19
Experts

19

i
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ABOUT THIS PROSPECTUS SUPPLEMENT
This document has two parts. The first part consists of this prospectus supplement, which describes the specific terms of
this offering and the notes offered. The second part, the accompanying prospectus, provides more general information about
securities which we may offer, some of which does not apply to this offering. If the description of the offering varies between
this prospectus supplement and the accompanying prospectus, you should rely on the information in this prospectus
supplement.
Before purchasing any notes, you should carefully read both this prospectus supplement and the accompanying
prospectus, together with the additional information described under the heading "Incorporation of Certain Documents by
Reference" in this prospectus supplement.
Unless otherwise indicated, all references in this prospectus supplement to "we," "our" or "UPS" refer to United Parcel
Service, Inc., a Delaware corporation, and its consolidated subsidiaries.
DESCRIPTION OF UPS
We are the world's largest package delivery company and a global leader in supply chain management. We were
founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we deliver packages each
business day for 1.8 million shipping customers to 6.1 million consignees in over 200 countries and territories. In 2008, we
delivered an average of 15.5 million pieces per day worldwide. In addition, our supply chain solutions capabilities are
available to clients in over 180 countries and territories.
Total revenue in 2008 was over $51.4 billion. Although our primary business is the time-definite delivery of packages
and documents, we have extended our capabilities in recent years to encompass the broader spectrum of services known as
supply chain solutions, such as freight forwarding, customs brokerage, fulfillment, returns, financial transactions and even
repairs. We are also a leading provider of less-than-truckload transportation services. We have established a global
transportation infrastructure and a comprehensive portfolio of services and integrated solutions. We support these services
with advanced operational and customer-facing technology. Our supply chain solutions provide visibility into moving
inventory across the global supply chain.
As of the date of this prospectus supplement, our Moody's and Standard & Poor's long-term credit ratings were Aa3 and
AA-, respectively, with a stable outlook from both of these credit rating agencies. A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
Our principal executive office is located at 55 Glenlake Parkway, N.E., Atlanta, Georgia 30328, telephone (404) 828-
6000.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus supplement and the documents incorporated by reference herein may contain statements, estimates or
projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. The words "believes,"
"expects," "anticipates," "we see," and similar expressions are intended to identify forward-looking statements. These
statements include statements regarding our intent, belief and current expectations about our strategic direction, prospects,
future results and other matters. Forward-looking statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from our Company's historical experience and our present expectations or projections.
These risks and uncertainties are discussed in our filings with the SEC, including, without limitation, our Annual Report on
Form 10-K for the year ended December 31, 2008, which is available from the SEC.
USE OF PROCEEDS
We estimate that the net proceeds to us from this offering will be approximately $1,987,770,000, after deducting
underwriting discounts and commissions and estimated offering expenses payable by us. We intend to

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use all of the net proceeds of this offering for general corporate purposes, including to repay outstanding commercial paper.
Our outstanding commercial paper has an average interest rate of 0.31% and an average remaining maturity of 32 days.
Pending such use of the net proceeds, we may invest the proceeds in highly liquid short-term securities.
CAPITALIZATION
The table below sets forth our consolidated capitalization as of December 31, 2008 on an actual basis and as adjusted to
give effect to the issuance of the notes offered hereby and the application of the net proceeds from the sale of the notes to
repay outstanding commercial paper ($1.0 billion of which had been classified as long-term debt). See "Use of Proceeds."
You should read the table together with our consolidated financial statements and the notes thereto incorporated by
reference into this prospectus supplement and accompanying prospectus.



As of December 31, 2008


Actual

As Adjusted


(amounts in millions)
Cash and Short-Term Investments


Cash and Cash Equivalents

$
507
$
507
Marketable Securities

542
542




Total Cash and Marketable Securities

$
1,049
$
1,049




Debt Included in Current Liabilities:


Current maturities of Long-Term Debt and Commercial Paper

$
2,074
$
1,086
Debt Included in Long-Term Liabilities:


Long-Term Debt, excluding Current Installments

7,797
8,785




Total Debt

$
9,871
$
9,871
Shareowners' Equity

6,780
6,780




Total Debt and Shareowners' Equity

$ 16,651
$ 16,651




DESCRIPTION OF THE NOTES
We are offering $1,000,000,000 aggregate principal amount of our 3.875% Senior Notes due April 1, 2014 and
$1,000,000,000 aggregate principal amount of our 5.125% Senior Notes due April 1, 2019. The 2014 and 2019 Notes will
both constitute a series of senior debt securities described in the accompanying prospectus. The following description
supplements, and to the extent it is inconsistent with, replaces, the description of the general terms and provisions contained
in "Description of the Debt Securities" in the accompanying prospectus.
Each series of notes will be issued under the indenture dated as of August 26, 2003 entered into with The Bank of New
York Mellon Trust Company, N.A. (as successor to Citibank N.A.), as trustee. We urge you to read the indenture because the
indenture, and the terms included in the notes, not the summaries below and in the accompanying prospectus, defines your
rights. You may obtain a copy of the indenture from us without charge. See the section entitled "Where You Can Find More
Information" in the accompanying prospectus.
General
The 2014 Notes will mature on April 1, 2014, and will bear interest at a rate of 3.875% per annum from March 24, 2009,
or from the most recent date to which interest has been paid or provided for, payable semi-annually in arrears to holders of
record at the close of business on the March 15 and September 15 immediately preceding the interest payment date on April
1 and October 1 of each year, commencing October 1, 2009.

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The 2019 Notes will mature on April 1, 2019, and will bear interest at a rate of 5.125% per annum from March 24, 2009,
or from the most recent date to which interest has been paid or provided for, payable semi-annually in arrears to holders of
record at the close of business on the March 15 and September 15 immediately preceding the interest payment date on April
1 and October 1 of each year, commencing October 1, 2009.
If any interest payment date, redemption date or the maturity date of any of the notes is not a business day, then payment
of principal and interest will be made on the next succeeding business day. No interest will accrue on the amount payable for
the period from the interest payment date, redemption date or maturity date, as the case may be, to the date payment is made.
Interest will be computed on the basis of a 360-day year of twelve 30-day months.
The notes do not contain any sinking fund provisions.
In some circumstances, we may elect to discharge our obligations on a series of the notes through defeasance or
covenant defeasance. See "Description of the Debt Securities--Defeasance and Covenant Defeasance" in the accompanying
prospectus for more information about how we may do this.
The notes will be issued only in registered form without coupons, in denominations of $2,000 or integral multiples of
$1,000 in excess thereof. No service charge will be made for any registration of transfer or any exchange of notes, but we
may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith.
The notes will be our unsecured and unsubordinated obligations ranking equally with our other outstanding unsecured
and unsubordinated indebtedness. The indenture generally does not limit our ability to incur additional debt and does not
contain financial or similar restrictive covenants.
Additional Notes
We may issue additional notes that will be included in the series of the 2014 Notes or the 2019 Notes without the
consent of the holders of those notes. Any additional notes, together with all other outstanding notes of that series, will be
fungible for U.S. federal income tax purposes, will constitute a single series of debt securities under the indenture and will
rank equally in all respects.
Optional Redemption
We may, at our option, at any time and from time to time redeem all or any portion of the notes on not less than 30 nor
more than 60 days' prior notice mailed to the holders of the notes to be redeemed. The notes will be redeemable at a
redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed or (2) the sum of the
present values of the remaining scheduled payments of principal and interest on the notes to be redeemed that would be due
after the related redemption date but for such redemption (except that, if such redemption date is not an interest payment date,
the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued thereon to
the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the applicable discount rate for each of the notes, plus in each case accrued interest to the date of
redemption. The discount rate for the 2014 Notes will be the Treasury Rate plus 37.5 basis points and the discount rate for the
2019 Notes will be the Treasury Rate plus 40 basis points.
"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent
yield to maturity (computed as of the third business day immediately preceding the redemption date) of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date.

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"Comparable Treasury Issue" means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the series of notes to be
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the notes of the relevant series.
"Comparable Treasury Price" means, with respect to any redemption date, (1) the average of the Reference Treasury
Dealer Quotations for the redemption date, after excluding the highest and lowest of such Reference Treasury Dealer
Quotations, or (2) if the trustee obtains fewer than five such Reference Treasury Dealer Quotations, the average of all
Quotations obtained.
"Independent Investment Banker" means one of the Reference Treasury Dealers appointed by us.
"Reference Treasury Dealer" means Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan
Securities Inc., UBS Securities LLC and their respective successors and one other nationally recognized investment banking
firm that is a Primary Treasury Dealer specified from time to time by us, except that if any of the foregoing ceases to be a
primary U.S. Government securities dealer in the United States (a "Primary Treasury Dealer"), we are required to designate
as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer.
"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the trustee by such Reference Treasury Dealer as of
3:30 p.m., New York City time, on the third business day immediately preceding the redemption date.
On and after any redemption date, interest will cease to accrue on the notes called for redemption. Prior to any
redemption date, we are required to deposit with a paying agent money sufficient to pay the redemption price of and accrued
interest on the notes to be redeemed on the redemption date. If we are redeeming less than all the notes of a series, the trustee
under the indenture must select the notes to be redeemed by the method as the trustee deems fair and appropriate in
accordance with methods generally used at the time of selection by fiduciaries in similar circumstances.
Additional Covenants
Limitation on Secured Indebtedness
We will not create, assume, incur or guarantee, and will not permit any Restricted Subsidiary to create, assume, incur or
guarantee, any Secured Indebtedness without making provision whereby all the notes shall be secured equally and ratably
with, or prior to, such Secured Indebtedness, together with, if we shall so determine, any other Indebtedness of us or any
Restricted Subsidiary then existing or thereafter created that is not subordinate to the notes, so long as the Secured
Indebtedness shall be outstanding, unless the Secured Indebtedness, when added to:

· the aggregate amount of all Secured Indebtedness then outstanding (not including in this computation Secured

Indebtedness if the notes are secured equally and ratably with (or prior to) such Secured Indebtedness and further
not including in this computation any Secured Indebtedness that is concurrently being retired); and

· the aggregate amount of all Attributable Debt then outstanding pursuant to Sale and Leaseback Transactions
entered into by us after January 26, 1999, or entered into by a Restricted Subsidiary after January 26, 1999 or, if

later, the date on which it became a Restricted Subsidiary (not including in this computation any Attributable Debt
that is concurrently being retired);
would not exceed 10% of Consolidated Net Tangible Assets.

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Limitation on Sale and Lease Back Transactions
We will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction unless
(a) the sum of:


· the Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction;

· all Attributable Debt then outstanding pursuant to all other Sale and Leaseback Transactions entered into by us

after January 26, 1999, or entered into by a Restricted Subsidiary after January 26, 1999 or, if later, the date on
which it became a Restricted Subsidiary; and

· the aggregate of all Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness

if the notes are secured equally and ratably with (or prior to) such Secured Indebtedness);
would not exceed 10% of Consolidated Net Tangible Assets, or (b) an amount equal to the greater of:

· the net proceeds to us or the Restricted Subsidiary of the sale of the Principal Property sold and leased back

pursuant to such Sale and Leaseback Transaction; and


· the amount of Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction;
is applied to the retirement of Funded Debt of us or any Restricted Subsidiaries (other than Funded Debt that is subordinate to
the notes or is owing to us or any Restricted Subsidiaries or is scheduled to mature within one year after consummation of
such Sale and Leaseback Transaction) within 180 days after the consummation of such Sale and Leaseback Transaction.
Definitions
As used in the notes and this prospectus supplement, the following definitions apply:
"Attributable Debt" means, as of the date of its determination, the present value (discounted semi-annually at an interest
rate of 7.0% per annum) of the obligation of a lessee for rental payments pursuant to any Sale and Leaseback Transaction
(reduced by the amount of the rental obligations of any sublessee of all or part of the same property) during the remaining
term of such Sale and Leaseback Transaction (including any period for which the lease relating thereto has been extended),
such rental payments not to include amounts payable by the lessee for maintenance and repairs, insurance, taxes, assessments
and similar charges and for contingent rents (such as those based on sales). In the case of any Sale and Leaseback Transaction
in which the lease is terminable by the lessee upon the payment of a penalty, the rental payments shall be considered for
purposes of this definition to be the lesser of the discounted values of:
(a) the rental payments to be paid under such Sale and Leaseback Transaction until the first date (after the date of such
determination) upon which it may be so terminated plus the then applicable penalty upon such termination; and
(b) the rental payments required to be paid during the remaining term of such Sale and Leaseback Transaction (assuming
such termination provision is not exercised).
"Capitalized Lease Obligation" means any obligation to pay rent or other amounts under a lease of (or other agreement
conveying the right to use) real or personal property that is required to be classified and accounted for as a capital lease
obligation under generally accepted accounting principles, and, for the purposes of the notes, the amount of such obligation at
any date shall be the capitalized amount thereof at the applicable date, determined in accordance with such principles.
"Consolidated Net Tangible Assets" means at any date, the total assets appearing on our most recently prepared
consolidated balance sheet as of the end of our fiscal quarter, prepared in accordance with generally accepted accounting
principles, less all current liabilities as shown on such balance sheet and Intangible Assets.

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"Funded Debt" means any indebtedness maturing by its terms more than one year from its date of issue, including any
indebtedness renewable or extendable at the option of the obligor to a date later than one year from its original date of issue.
"Indebtedness" means
(a) any liability of any Person:


(1)
for borrowed money, or under any reimbursement obligation relating to a letter of credit; or

(2)
evidenced by a bond, note, debenture or similar instrument, including a purchase money obligation, given in
connection with the acquisition of any businesses, properties or assets of any kind or with services incurred

in connection with capital expenditures, other than a trade payable or a current liability arising in the
ordinary course of business; or


(3)
for the payment of money relating to a Capitalized Lease Obligation; or


(4)
for Interest Rate Protection Obligations;
(b) any liability of others described in the preceding clause (a) that the Person has guaranteed or that is otherwise its
legal liability; and
(c) any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types
referred to in clauses (a) and (b) above.
"Intangible Assets" means at any date the value (net of any applicable reserves), as shown on or reflected in our most
recently prepared consolidated balance sheet, prepared in accordance with generally accepted accounting principles, of:
(a) all trade names, trademarks, licenses, patents, copyrights and goodwill;
(b) organizational and development costs;
(c) deferred charges (other than prepaid items such as insurance, taxes, interest, commissions, rents and similar items
and tangible assets being amortized); and
(d) unamortized debt discount and expense, less unamortized premium.
"Interest Rate Protection Obligations" of any Person means the obligations of that Person pursuant to any arrangement
with any other Person whereby, directly or indirectly, that Person is entitled to receive from time to time periodic payments
calculated by applying a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such
Person calculated by applying a floating rate of interest on the same notional amount.
"Liens" means any mortgage, lien, pledge, security interest, charge or encumbrance.
"Principal Property" means any land, land improvements, buildings and associated factory, distribution, laboratory and
office equipment (excluding any motor vehicles, aircraft, mobile materials handling equipment, data processing equipment
and rolling stock) constituting a distribution facility, operating facility, manufacturing facility, development facility,
warehouse facility, service facility or office facility (including any portion thereof), which facility
(a) is owned by or leased to us or any Restricted Subsidiary,
(b) is located within the United States, and
(c) has an acquisition cost plus capitalized improvements in excess of 0.50% of Consolidated Net Tangible Assets as of
the date of that determination, other than:

(1)
any facility, or portion thereof, which has been financed by obligations issued by or on behalf of a State, a

Territory or a possession of the United States, or any political subdivision of any of the

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