New Issue: Ryder System prices $450 million 3.4% notes due 2023 at 78 bps spread

By Cristal Cody

Tupelo, Miss., Feb. 21 – Ryder System, Inc. sold $450 million of 3.4% five-year medium-term notes (BBB+/A-) on Wednesday at 99.73 and a spread of Treasuries plus 78 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.

Lloyds Securities Inc., MUFG, PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

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

Issuer:	Ryder System, Inc.
Amount:	$450 million
Description:	Medium-term notes
Maturity:	March 1, 2023
Bookrunners:	Lloyds Securities Inc., MUFG, PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Senior co-managers:	BB&T Capital Markets, BNP Paribas Securities Corp., Mizuho Securities USA Inc. and RBC Capital Markets LLC
Co-managers:	BNY Mellon Capital Markets, LLC, CastleOak Securities, LP, Citigroup Global Markets Inc., Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Regions Securities LLC and SunTrust Robinson Humphrey, Inc.
Coupon:	3.4%
Price:	99.73
Spread:	Treasuries plus 78 bps
Call features:	Before Feb. 1, 2023 at greater of par or Treasuries plus 15 bps; thereafter at par
Trade date:	Feb. 21
Settlement date:	Feb. 26
Ratings:	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered
Price talk:	Treasuries plus 80 bps area

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