Published on 7/30/2018 in the Prospect News Investment Grade Daily.
New Issue: Ryder System sells $300 million 3.5% medium-term notes due 2021 at 75 bps spread
By Cristal Cody
Tupelo, Miss., July 30 – Ryder System, Inc. priced $300 million of 3.5% three-year medium-term notes (Baa1/BBB+/A-) on Monday at 99.961 and a spread of 75 basis points over Treasuries, according to a market source and a 424B3 filing with the Securities and Exchange Commission.
The notes were initially talked to price in the Treasuries plus 95 bps area, with guidance later tightened to the Treasuries plus 80 bps area, plus or minus 5 bps.
Lloyds Securities Inc., Morgan Stanley & Co. LLC, MUFG, 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: | $300 million
|
| Description: | Medium-term notes
|
| Maturity: | June 1, 2021
|
| Bookrunners: | Lloyds Securities Inc., Morgan Stanley & Co. LLC, MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | BNP Paribas Securities Corp., Mizuho Securities USA LLC, RBC Capital Markets, LLC and PNC Capital Markets LLC
|
| Co-managers: | BB&T Capital Markets, CastleOak Securities, LP, Citigroup Global Markets Inc., Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., Regions Securities LLC and SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.961
|
| Spread: | Treasuries plus 75 bps
|
| Call feature: | Make-whole call at greater of par or Treasuries plus 12.5 bps
|
| Trade date: | July 30
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 80 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 95 bps area
|
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