By Andrea Heisinger
New York, Sept. 24 - Penske Truck Leasing Co. LP and PTL Finance Corp. were in the market on Monday with a $1.5 billion sale of notes (Baa3/BBB-/) in tranches due 2016 and 2018, an informed source said.
The sale included $1 billion of notes due 2016 that priced at a spread of Treasuries plus 220 basis points. The tranche sold tighter than talk in the 240 bps area, plus or minus 3 bps, the source said.
A $500 million tranche of notes due 2018 sold at Treasuries plus 275 bps. The notes were also priced tighter than guidance in the 287.5 bps area.
Full terms were not available at press time.
The notes were priced under Rule 144A and Regulation S without registration rights.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co. LP, PTL Finance Corp.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Distribution: | Rule 144A and Regulation S
|
| Pricing date: | Sept. 24
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Notes due 2016
|
| Amount: | $1 billion
|
| Maturity: | 2016
|
| Spread: | Treasuries plus 220 bps
|
| Price talk: | 240 bps area, plus or minus 3 bps
|
|
|
| Notes due 2018
|
| Amount: | $500 million
|
| Maturity: | 2018
|
| Spread: | Treasuries plus 275 bps
|
| Price talk: | 287.5 bps area
|
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