By Cristal Cody
Tupelo, Miss., Oct. 19 – Penske Truck Leasing Co., LP priced an upsized $750 million of 1.2% senior notes due Nov. 15, 2025 (Baa2/BBB/BBB+) on Monday at a spread of 90 basis points over Treasuries, according to a market source.
Price talk was at the Treasuries plus 120 bps area.
The deal was upsized from $500 million.
BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, MUFG and Wells Fargo Securities LLC were the bookrunners.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP
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| Amount: | $750 million
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| Description: | Senior notes
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| Maturity: | Nov. 15, 2025
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, MUFG and Wells Fargo Securities LLC
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| Coupon: | 1.2%
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| Spread: | Treasuries plus 90 bps
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| Trade date: | Oct. 19
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
|
| Price guidance: | Treasuries plus 120 bps area
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