Published on 5/15/2019 in the Prospect News Investment Grade Daily.
New Issue: Ryder System sells $550 million of 2.875% three-year notes at 77 bps spread
By Cristal Cody
Tupelo, Miss., May 15 – Ryder System, Inc. (Baa1/BBB+/A-) priced $550 million of 2.875% three-year medium-term notes at 99.942 and a spread of 77 basis points over Treasuries, according to a market source and a 424B3 filed with the Securities and Exchange Commission on Wednesday.
The notes priced on the tight side of guidance and better than initial talk.
BNP Paribas Securities Corp., BofA Securities Inc., Mizuho Securities USA LLC, PNC Capital Markets 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: | $550 million
|
| Description: | Medium-term notes
|
| Maturity: | June 1, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC and RBC Capital Markets, LLC
|
| Senior co-managers: | BB&T Capital Markets, Lloyds Securities Inc., MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | CastleOak Securities, LP, Citigroup Global Markets Inc., Comerica Securities, Inc., Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
|
| Coupon: | 2.875%
|
| Price: | 99.942
|
| Spread: | Treasuries plus 77 bps
|
| Call features: | Make-whole call before May 1, 2022 at price equal to greater of par or Treasuries plus 12.5 bps; thereafter at par
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 80 bps area, plus or minus 3 bps; initial talk at Treasuries plus 100 bps area
|
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