Published on 2/25/2019 in the Prospect News Investment Grade Daily.
New Issue: Ryder System sells $600 million of 3.65% five-year notes at 118 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Feb. 25 – Ryder System, Inc. priced $600 million of 3.65% five-year medium-term notes (Baa1/BBB+/A-) on Monday at 99.906 with a spread of 118 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced on the tight side of guidance in the 120 bps spread area and better than initial talk in the Treasuries plus 137.5 bps area.
Lloyds Securities, 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: | $600 million
|
| Description: | Medium-term notes
|
| Maturity: | March 18, 2024
|
| Bookrunners: | Lloyds Securities, Morgan Stanley & Co. LLC, MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets, BNP Paribas Securities Corp., Mizuho Securities USA LLC, PNC Capital Markets LLC, RBC Capital Markets, LLC, CastleOak Securities, LP, Citigroup Global Markets Inc., Comerica Securities, Inc., Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
|
| Coupon: | 3.65%
|
| Price: | 99.906
|
| Spread: | Treasuries plus 118 bps
|
| Call features: | Make-whole call before Feb. 18, 2024 at price equal to greater of par or Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 120 bps area, plus or minus 2 bps; initial talk at Treasuries plus 137 bps area
|
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