New Issue: Ryder System sells $450 million 3.75% medium-term notes due 2023 at 98 bps spread

By Cristal Cody

Tupelo, Miss., June 14 – Ryder System, Inc. priced $450 million of 3.75% five-year medium-term notes (Baa1/BBB+/A-) on Thursday at a spread of 98 basis points over Treasuries, according to a market source.

The notes were talked to price in the Treasuries plus 100 bps area, plus or minus 2 bps, tighter than initial price talk in the Treasuries plus 112.5 bps area.

BB&T Capital Markets, BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA LLC and RBC Capital Markets, LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

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

Issuer:	Ryder System, Inc.
Amount:	$450 million
Description:	Medium-term notes
Maturity:	June 9, 2023
Bookrunners:	BB&T Capital Markets, BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA LLC and RBC Capital Markets, LLC
Co-managers:	Lloyds Securities, Morgan Stanley, MUFG, US Bancorp, Wells Fargo Securities (senior), CastleOak Securities, LP, Citigroup, Comerica Securities, Commerzbank, Fifth Third Securities, HSBC, PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey
Coupon:	3.75%
Price:	99.794
Spread:	Treasuries plus 98 bps
Call:	Make-whole call at Treasuries plus 15 bps before May 9, 2023 then at par
Trade date:	June 14
Settlement date:	June 19
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered
Price talk:	Treasuries plus 100 bps area, plus or minus 2 bps

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.