By Cristal Cody
Prospect News, Feb. 1 - Penske Truck Leasing Canada Inc., a subsidiary of Penske Truck Leasing Co., L.P., sold C$375 million of 3.65% five-year senior notes at 99.887 to yield 3.675% on a private placement basis, according to the company and bond sources on Friday.
The notes due Feb. 1, 2018 (Baa3/BBB-/BBB+) priced at a spread of 215 basis points over the Canadian bond curve.
RBC Dominion Securities Inc. and Scotia Capital Inc. were the lead managers.
The notes are guaranteed by Penske Truck Leasing.
Proceeds will be used to repay Canadian-denominated borrowings on Penske Truck Leasing's credit facility from General Electric Capital Corp. and for general corporate purposes.
Reading, Pa.-based Penske Truck Leasing provides full-service truck leasing, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management services.
| Issuer: | Penske Truck Leasing | Canada Inc.,
|
| Guarantor: | Penske Truck Leasing Co., L.P.
|
| Amount: | C$375 million
|
| Maturity: | Feb. 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | RBC Dominion Securities Inc. and Scotia Capital Inc.
|
| Coupon: | 3.65%
|
| Price: | 99.887
|
| Yield: | 3.675%
|
| Spread: | 215 bps over Canadian bond curve
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 1
|
| Ratings: Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: | BBB+
|
| Distribution: | Canada private placement
|
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