New Issue: Penske prices $600 million 2.7% notes due March 2023 at 100 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Sept. 12 – Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. priced $600 million of 2.7% senior notes due March 14, 2023 at a spread of 100 basis points over Treasuries on Tuesday, according to a market source.

The notes (Baa2/BBB/BBB+) priced at the tight side of guidance.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., USB Securities LLC and Wells Fargo Securities LLC were the bookrunners.

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:	March 14, 2023
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., USB Securities LLC and Wells Fargo Securities LLC
Coupon:	2.7%
Spread:	Treasuries plus 100 bps
Trade date:	Sept. 12
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Price guidance:	Treasuries plus 100 bps to 105 bps area

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