Published on 5/10/2023 in the Prospect News Investment Grade Daily.
New Issue: Ryder sells $650 million 5.25% five-year notes at 99.871
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, May 10 – Ryder System, Inc. sold $650 million of 5.25% registered fixed-rate medium-term notes due June 1, 2028 on Wednesday, according to a 424B3 filing with the Securities and Exchange Commission.
The notes priced at 99.871, or at Treasuries plus 190 basis points. Price talk had the notes coming in the 205 bps area, a source noted.
The notes have a make-whole call at Treasuries plus 30 bps before May 1, 2028. For the last month to maturity, they are callable at par. The notes will also be putable if a change-of-control triggering event occurs.
Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are joint bookrunners for the offering.
Ryder System is a Miami-based truck rental and fleet management company.
| Issuer: | Ryder System, Inc.
|
| Amount: | $650 million
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| Issue: | Medium-term notes
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| Maturity: | June 1, 2028
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| Bookrunners: | Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | BNP Paribas Securities Corp., BofA Securities Inc., Comerica Securities, Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, Regions Securities LLC and Truist Securities Inc.
|
| 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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| Counsel to issuer: | Sullivan & Cromwell LLP and in-house counsel
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| Counsel to underwriters: | Mayer Brown LLP
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| Coupon: | 5.25%
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| Price: | 99.871
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| Spread: | Treasuries plus 190 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps before May 1, 2028; afterward at par
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| Trade date: | May 10
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| Settlement date: | May 19
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| Price talk: | Treasuries plus 205 bps area
|
| Distribution: | SEC registered
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| Cusip: | 78355HKW8
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