New Issue: Ryder System sells $300 million 2.5% five-year medium-term notes at 75 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 1 – Ryder System, Inc. sold $300 million of 2.5% five-year medium-term notes (BBB+/A-) on Tuesday at 99.758 and a spread of Treasuries plus 75 basis points, according to a market source and a 424B3 filed with the Securities and Exchange Commission.

The notes were talked to price in the Treasuries plus 80 bps area, plus or minus 5 bps.

BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the bookrunners.

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

Issuer:	Ryder System, Inc.
Amount:	$300 million
Description:	Medium-term notes
Maturity:	Sept. 1, 2022
Bookrunners:	BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC
Senior co-managers:	MUFG, Lloyds Securities Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities LLC
Co-managers:	BB&T Capital Markets, BNY Mellon Capital Markets, LLC, CastleOak Securities, LP, Citigroup Global Markets Inc., Fifth Third Securities, Inc., Commerz Markets LLC, HSBC Securities (USA) Inc., PNC Capital Markets LLC, Regions Securities LLC and SunTrust Robinson Humphrey, Inc.
Coupon:	2.5%
Price:	99.758
Spread:	Treasuries plus 75 bps
Call features:	Before Aug. 1, 2022 at greater of par or Treasuries plus 15 bps
Trade date:	Aug. 1
Settlement date:	Aug. 8
Ratings:	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered
Price talk:	Treasuries plus 80 bps area, plus or minus 5 bps

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