Ryder amends and extends $1.4 billion five-year revolving facility

Chicago, Dec. 20 – Ryder System, Inc. amended and extended its $1.4 billion multicurrency revolving credit facility on Dec. 14, according to an 8-K filed with the Securities and Exchange Commission.

Up to $75 million in letters of credit can be issued under the agreement.

The maturity date is Dec. 14, 2026, but may be extended for up to two additional years.

Borrowings of up to $150 million can be made in Canadian dollars and up to $100 million can be borrowed in either sterling and/or euro.

There is also Libor fallback language.

The amendment modifies the agreement from Sept. 28, 2018.

Based on the company’s credit ratings, interest would currently be Libor, Sonia or Euribor plus 112.5 basis points, but interest may range from 80.5 bps to 120 bp, based on ratings. The company is currently at the fourth of five levels.

The commitment fee is currently 12.5 bps. The commitment fee can be as low as 7 bps or as high as 17.5 bps.

The company is required to maintain a ratio of debt to consolidated adjust net worth not to exceed 3x.

Bank of America, NA is the administrative agent.

Royal Bank of Canada is the Canadian agent.

MUFG Bank, Ltd. is the syndication agent.

BNP Paribas, Mizuho Bank, Ltd., PNC Bank, NA, Royal Bank of Canada, Truist Bank, U.S. Bank NA and Wells Fargo Bank, NA are the co-documentation agents.

BofA Securities, Inc., MUFG Bank, Ltd., BNP Paribas, Mizuho Bank, Ltd., PNC Capital Markets LLC, RBC Capital Markets, Truist Securities, Inc., U.S. Bank NA and Wells Fargo Securities, LLC are the joint lead arrangers.

BofA Securities, Inc. and MUFG Bank, Ltd. are the joint bookrunners.

Proceeds will be used for working capital and other general corporate purposes.

Ryder System is a Miami-based truck rental and fleet management company.

© 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.