By Cristal Cody
Chicago, April 6 – Penske Truck Leasing Co., LP and PTL Finance Corp. sold an upsized $750 million offering of 1.7% senior notes due June 15, 2026 at a spread of Treasuries plus 83 basis points, according to a market source.
The notes, sold Tuesday, were originally talked in the 110 basis points area and were expected to be sized at $500 million.
BofA Securities, Inc., J.P. Morgan Securities LLC. Mizuho Securities USA Inc., Santander Investment Securities Inc. and Wells Fargo Securities LLC were bookrunners for the Rule 144A and Regulation S offering.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP and PTL Finance Corp
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | June 15, 2025
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC. Mizuho Securities USA Inc., Santander Investment Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 1.7%
|
| Spread: | Treasuries plus 83 bps
|
| Trade date: | April 6
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 110 bps area
|
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