The 727 at FedEx is being retired and yesterday was the last day for scheduled revenue flights.
This flight was the last from IND and the holding in the flight path was timing for the fly by at MEM (looking for video).
Another left SBN and arrived at MEM at 11:53pm,
This one left LFT and arrived MEM at 11:59pm,
FedEx got it’s first 727 used in 1978 eventually operating over 200 of them. They bought their
first new -200F in 1983 and also took delivery of the last 727 ever built (N217FE) in 1984.
This was the last 3-person cockpit airplane at FedEx, the end of an era.