When released, Fred circumnavigates the Earth (5)

I believe the answer is:

freed

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'when released' is the definition.
'freed' can be an answer for 'released' (I've seen this before). I'm not sure about the 'when' bit.

'fred circumnavigates the earth' is the wordplay.
'circumnavigates' means one lot of letters goes inside another.
'the earth' becomes 'E'.
'fred' going around 'e' is 'FREED'.

Can you help me to learn more?

(Other definitions for freed that I've seen before include "Released" , "Untied" , "Emancipated, let loose" , "Defer being liberated" .)

I've seen this clue in the Evening Standard.

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