By Cristal Cody
Tupelo, Miss., April 24 – Penske Truck Leasing Co., LP and PTL Finance Corp. priced $700 million of 3.45% senior notes due July 1, 2024 (Baa2/BBB/BBB+) at a spread of 118 basis points over Treasuries on Wednesday, according to a market source.
The notes priced on the tight side of guidance and better than initial talk in the Treasuries plus 135 bps area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Santander Investment Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to refinance existing 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: | $700 million
|
| Maturity: | July 1, 2024
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| Description: | Senior notes
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| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC, Santander Investment Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 3.45%
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| Spread: | Treasuries plus 118 bps
|
| Trade date: | April 24
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
|
| Price guidance: | Treasuries plus 120 bps area, plus or minus 2 bps; initial talk at Treasuries plus 135 bps area
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