By Cristal Cody
Eureka Springs, Oct. 26 – Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. priced an upsized $600 million of 3.4% 10-year senior notes with a spread of 165 basis points over Treasuries on Wednesday, according to a market source.
The notes (Baa2/BBB-/BBB+) priced on the tight side of guidance.
The deal was upsized from $500 million.
BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC were the bookrunners.
Proceeds from the sale will be used to repay outstanding debt and for general corporate purposes.
The global transportation services provider is based in Reading, Pa.
| Issuers: | Penske Truck Leasing Co., LP/PTL Finance Corp.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2026
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG, Wells Fargo Securities LLC
|
| Coupon: | 3.4%
|
| Spread: | Treasuries plus 165 bps
|
| Trade date: | Oct. 26
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 170 bps area, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
