New Issue: Ryder System sells $300 million 3.45% notes due November 2021 at 220 bps spread

By Aleesia Forni

New York, Feb. 17 – Ryder System Inc. sold a $300 million offering of 3.45% senior notes (Baa1/BBB/A-) due Nov. 15, 2021 on Wednesday at Treasuries plus 220 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.918 to yield 3.464%.

The issue sold tighter than guidance set in the Treasuries plus 230 bps area. Price talk was set in the Treasuries plus 250 bps area.

Lloyds Securities, MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The transportation and logistics company is based in Miami.

Issuer:	Ryder System Inc.
Amount:	$300 million
Description:	Senior notes
Maturity:	Nov. 15, 2021
Bookrunners:	Lloyds Securities, MUFG, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Senior co-managers:	BB&T Capital Markets, BNP Paribas Securities Corp., Mizuho Securities, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
Co-managers:	BNY Mellon Capital Markets LLC, Citigroup Global Markets Inc., Commerzbank, HSBC Securities, PNC Capital Markets LLC, Regions Securities LLC
Coupon:	3.45%
Price:	99.918
Yield:	3.464%
Spread:	Treasuries plus 220 bps
Change-of-control put:	101%
Make-whole call:	Treasuries plus 35 bps prior to Oct. 15, 2021, then callable at par
Trade date:	Feb. 17
Settlement date:	Feb. 24
Ratings:	Moody’s: Baa1
	Standard & Poor’s: BBB
	Fitch: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 230 bps area, tightened from Treasuries plus 250 bps area

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