Published on 1/19/2023 in the Prospect News Investment Grade Daily.
New Issue: Penske sells $750 million 5.7% notes due 2028 at 185 bps spread
By Cristal Cody
Chicago, Jan. 19 – Penske Truck Leasing Co., LP and PTL Finance Corp. sold $750 million of 5.7% notes due Feb. 1, 2028, according to a market source.
The notes priced with a spread of 185 basis points over Treasuries. Initial talk was in the Treasuries plus 205 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC were the bookrunners.
The truck leasing company is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP and PTL Finance Corp.
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| Amount: | $750 million
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| Issue: | Notes
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| Maturity: | Feb. 1, 2028
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
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| Coupon: | 5.7%
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| Spread: | Treasuries plus 185 bps
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| Trade date: | Jan. 5
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| Price talk: | Treasuries plus 205 bps area
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