New Issue: Penske prices $500 million 4.125% five-year notes at 137.5 bps spread

By Cristal Cody

Tupelo, Miss., June 26 – Penske Truck Leasing Co., LP and PTL Finance Corp. priced $500 million of 4.125% senior notes due Aug. 1, 2023 (Baa2/BBB/BBB+) on top of guidance at a spread of 137.5 basis points over Treasuries on Tuesday, according to a market source.

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

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., LP/PTL Finance Corp.
Amount:	$500 million
Maturity:	Aug. 1, 2023
Description:	Senior notes
Bookrunners:	BofA Merrill Lynch, Fifth Third Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities LLC
Coupon:	4.125%
Spread:	Treasuries plus 137.5 bps
Trade date:	June 26
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Price guidance:	Treasuries plus 137.5 bps area

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