By Aleesia Forni
Virginia Beach, July 16 – Penske Truck Leasing Co. LP priced an upsized $650 million of 3.2% five-year notes (Baa3/BBB-/BBB+) on Thursday at Treasuries plus 162.5 basis points, according to an informed source.
The issue was upsized from $500 million and sold at the tight end of talk.
Pricing was at 99.599 to yield 3.288%.
The bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities and SMBC Nikko.
Proceeds will be used to repay debt and for general corporate purposes.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co.
|
| Amount: | $650 million, upsized from $500 million
|
| Description: | Senior notes
|
| Maturity: | July 15, 2020
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Fifth Third Securities, SMBC Nikko
|
| Coupon: | 3.2%
|
| Price: | 99.599
|
| Yield: | 3.288%
|
| Spread: | Treasuries plus 162.5 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 16
|
| Settlement date: | July 21
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 165 bps area
|
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