By Aleesia Forni
Virginia Beach, Nov. 4 – Penske Truck Leasing Co. LP priced an upsized $650 million of 3.3% notes (Baa3/BBB-/BBB+) due Aug. 1, 2021 on Wednesday 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 set in the Treasuries plus 180 bps area.
Pricing was at 99.543 to yield 3.394%.
The bookrunners were BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
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: | Aug. 1, 2021
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 3.3%
|
| Price: | 99.543
|
| Yield: | 3.394%
|
| Spread: | Treasuries plus 175 bps
|
| Trade date: | Nov. 4
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 180 bps area
|
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