Published on 2/23/2022 in the Prospect News Investment Grade Daily.
New Issue: Ryder details $450 million 2.85% five-year notes priced at 105 bps over Treasuries
By Devika Patel and Cristal Cody
Knoxville, Tenn., Feb. 23 – Ryder System, Inc. offered further details, including the spread, about a $450 million sale of 2.85% five-year medium-term notes that priced at 99.851 on Tuesday, according to a market source.
The notes were sold with a spread of Treasuries plus 105 basis points. Initial price talk was in the Treasuries plus 120 bps area.
The notes will have a make-whole call until one month prior to maturity and then a par call.
BNP Paribas Securities Corp., BofA Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC and Truist Securities, Inc. were the bookrunners.
Ryder System is a Miami-based truck rental and fleet management company.
| Issuer: | Ryder System, Inc.
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| Amount: | $450 million
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| Issue: | Medium-term notes
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| Maturity: | March 1, 2027
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC and Truist Securities, Inc.
|
| Senior co-managers: | Comerica Securities Inc., Morgan Stanley & Co. LLC, MUFG, PNC Capital Markets LLC, Regions Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Academy Securities, Inc., CastleOak Securities, LP, Fifth Third Securities, Inc., KeyBanc Capital Markets Inc. and TD Securities (USA) LLC
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| Coupon: | 2.85%
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| Price: | 99.851
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| Spread: | Treasuries plus 105 bps
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| Call features: | Make-whole call before Feb. 1, 2027 at price equal to greater of par or Treasuries plus 20 bps; thereafter at par
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| Trade date: | Feb. 22
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| Settlement date: | Feb. 24
|
| Distribution: | SEC registered
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| Initial price talk: | Treasuries plus 120 bps area
|
| Cusip: | 78355HKT5
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