By Andrea Heisinger
New York, Sept. 25 - Penske Truck Leasing Co. LP and PTL Finance Corp. gave terms of their $1.5 billion sale of notes (Baa3/BBB-/) in tranches due 2016 and 2018, an informed source said.
The sale included $1 billion of 2.5% notes due 2016 that priced at 99.852 to yield 2.545% with a spread of Treasuries plus 220 basis points. The tranche sold tighter than talk, which was in the 240 bps area, plus or minus 3 bps, the source said.
There is a make-whole call at Treasuries plus 35 bps.
A $500 million tranche of 3.375% notes due 2018 sold at 99.828 to yield 3.41% with a spread of Treasuries plus 275 bps. The notes were also priced tighter than guidance in the 287.5 bps area.
The 10-year notes have a make-whole call at 45 bps over Treasuries.
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
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Notes due 2016
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2016
|
| Coupon: | 2.5%
|
| Price: | 99.852
|
| Yield: | 2.545%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Price talk: | 240 bps area, plus or minus 3 bps
|
|
|
| Notes due 2018
|
| Amount: | $500 million
|
| Maturity: | March 15, 2018
|
| Coupon: | 3.375%
|
| Price: | 99.828
|
| Yield: | 3.41%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Price talk: | 287.5 bps area
|
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