New Issue: Penske sells upsized $900 million 3.375% seven-year notes at 175 bps over Treasuries

By Aleesia Forni

Virginia Beach, Jan. 26 – Penske Truck Leasing Co. LP priced an upsized $900 million of 3.375% seven-year notes (Baa3/BBB-/BBB+) on Monday at Treasuries plus 175 basis points, according to an informed source.

The issue was upsized from $500 million and sold at the tight end of talk.

The bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Mizuho Securities and RBS Securities Inc.

The global transportation services provider is based in Reading, Pa.

Issuer:	Penske Truck Leasing Co.
Amount:	$900 million, upsized from $500 million
Description:	Senior notes
Maturity:	February 2022
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Mizuho Securities, RBS Securities Inc.
Coupon:	3.375%
Spread:	Treasuries plus 175 bps
Change-of-control put:	101%
Trade date:	Jan. 26
Ratings:	Moody’s: Baa3
	Standard & Poor's: BBB-
	Fitch: BBB+
Distribution:	Rule 144A, Regulation S
Price talk:	180 bps area

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