UPS put out a memo as well along the same lines


CHICAGO, Jan 9 (Reuters) - United Parcel Service (UPS.N: Quote, Profile,
Research) said on Wednesday it plans to significantly increase its debt as
part of revamping its capital structure.

The package delivery company said it had raised the target debt ratio for
its balance sheet to a range of between 50 percent to 60 percent. That
ratio, the company said, represents the relationship between funds from
operations and total debt. Previously, UPS said, the company had no stated
metric but it acknowledged that the new level was "higher" than it had
historically run.

UPS, based in Atlanta, Georgia, said the change would allow it to make
increased investments in the business, pursue acquisitions and undertake
larger share repurchases. (Reporting by James B. Kelleher)