Published on 1/12/2024 in the Prospect News Investment Grade Daily.
New Issue: Penske Truck sells $500 million 5.35% notes due 2027
By Cristal Cody
Chicago, Jan. 12 – Penske Truck Leasing Co., LP and PTL Finance Corp. priced $500 million of 5.35% notes due 2027, according to a market source.
The notes priced at Treasuries plus 125 basis points. Price talk had them in the 155 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC were the bookrunners.
The truck leasing company is based in Reading, Pa.
| Issuers: | Penske Truck Leasing Co., LP and PTL Finance Corp.
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | Jan. 12, 2027
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC and Wells Fargo Securities LLC
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| Coupon: | 5.35%
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| Spread: | Treasuries plus 125 bps
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| Trade date: | Jan. 9
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| Price talk: | Treasuries plus 155 bps area
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