Ryder ups five-year revolver to $1.2 billion, extends to January 2020

By Tali Rackner

Norfolk, Va., Feb. 2 – Ryder System, Inc. amended its existing five-year global revolving credit facility by increasing the size to $1.2 billion from $900 million and extending the maturity date to January 2020 from October 2018, according to a press release.

Bank of America, NA is the administrative agent, Royal Bank of Canada, is the Canadian agent and Royal Bank of Scotland plc is the United Kingdom agent.

According to an 8-K filing with the Securities and Exchange Commission, borrowings bear interest at Libor plus 80 basis points to 150 bps based on the company’s credit rating. There is an annual facility fee that ranges from 7.5 bps to 25 bps, also based on ratings.

Amounts borrowed under the agreement are unsecured and repayable at maturity on Jan. 30, 2020. The maximum amount of outstanding borrowings and letters of credit permitted at any one time is $1.2 billion.

Proceeds will be used for working capital and other general corporate purposes of Ryder and its subsidiaries.

Merrill Lynch, Pierce, Fenner & Smith Inc. is a bookrunner and joint lead arranger. Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., RBS Securities Inc., Wells Fargo Securities, LLC, RBC Capital Markets LLC, U.S. Bank, NA and BNP Paribas, are joint lead arrangers.

The transportation and logistics company is based in Miami.

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