By Aleesia Forni
Virginia Beach, June 13 – Penske Truck Leasing Co. LP priced an upsized $500 million of 2.5% five-year notes (Baa3/BBB-/BBB+) on Thursday at Treasuries plus 85 basis points, according to an informed source.
Pricing was at 99.972 to yield 2.506%.
Proceeds will be used to repay debt.
The bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, PNC Capital Markets LLC and Santander Investments Securities Inc.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co.
|
| Amount: | $500 million, upsized form $300 million
|
| Description: | Notes
|
| Maturity: | June 17, 2019
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, PNC Capital Markets LLC, Santander Investments Securities Inc.
|
| Coupon: | 2.5%
|
| Price: | 99.972
|
| Yield: | 2.506%
|
| Spread: | Treasuries plus 85 bps
|
| Trade date: | June 12
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 90 bps area
|
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