By Andrea Heisinger
New York, May 8 - Penske Truck Leasing Co., LP and PTL Finance Corp. jointly sold an upsized $1.75 billion of senior notes (Baa3/BBB-/) in two tranches on Tuesday, an informed source said.
The deal size was increased from $750 million, the source said.
The $875 million of 3.125% three-year paper sold at 99.903 to yield 3.159% with a spread of Treasuries plus 280 basis points.
An $875 million tranche of 3.75% five-year notes priced at 99.928 to yield 3.766% with a spread of Treasuries plus 300 bps.
Both tranches have a make-whole call at Treasuries plus 50 bps.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The deal was done under Rule 144A and Regulation S.
Proceeds are being used to repay outstanding debt to General Electric Capital Corp.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP, PTL Finance Corp.
|
| Issue: | Senior notes
|
| Amount: | $1.75 billion, increased from $750 million
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | May 8
|
| Settlement date: | May 11
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Three-year notes
|
| Amount: | $875 million
|
| Maturity: | May 11, 2015
|
| Coupon: | 3.125%
|
| Price: | 99.903
|
| Yield: | 3.159%
|
| Spread: | Treasuries plus 280 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| Five-year notes
|
| Amount: | $875 million
|
| Maturity: | May 11, 2017
|
| Coupon: | 3.75%
|
| Price: | 99.928
|
| Yield: | 3.766%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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