By Aleesia Forni
Virginia Beach, Dec. 8 – Penske Truck Leasing Co. LP priced $500 million of 3.05% five-year notes (Baa3/BBB-/BBB+) on Monday at Treasuries plus 140 basis points, according to an informed source.
The notes sold at 99.909 to yield 3.069%.
Pricing was wide of initial price thoughts.
Proceeds will be used to repay debt and for general corporate purposes.
The bookrunners were BofA 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.
|
| Amount: | $500 million
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| Description: | Senior notes
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| Maturity: | Feb. 1, 2020
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| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 3.05%
|
| Price: | 99.909
|
| Yield: | 3.069%
|
| Change-of-control put: | 101%
|
| Spread: | Treasuries plus 140 bps
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Price talk: | 140 bps, widened from 135 bps area
|
| Distribution: | Rule 144A, Regulation S
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