Published on 8/1/2019 in the Prospect News Investment Grade Daily.
New Issue: Ryder System sells $550 million 2.5% five-year notes at 83 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 1 – Ryder System, Inc. priced $550 million of 2.5% five-year medium-term notes on Thursday at 99.919 and a spread of 83 basis points over Treasuries, according to a market source and an 424B3 filed with the Securities and Exchange Commission.
The notes (Baa1/BBB+/A-) were initially talked to price with a spread in the 100 bps area.
BB&T Capital Markets, Lloyds Securities Inc., 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: | $550 million
|
| Description: | Medium-term notes
|
| Maturity: | Sept. 1, 2024
|
| Bookrunners: | BB&T Capital Markets, Lloyds Securities Inc., MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities, LLC
|
| Senior co-managers: | BNP Paribas Securities Corp., Mizuho Securities, Morgan Stanley & Co. LLC, PNC Capital markets LLC and RBC Capital Markets LLC
|
| Co-managers: | Academy Securities, Inc., CastleOak Securities, LP, Citigroup Global Markets Inc., Comerica Securities, Inc., Commerz Markets LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., KeyBanc Capital Markets Inc., Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
|
| Coupon: | 2.5%
|
| Price: | 99.919
|
| Spread: | Treasuries plus 83 bps
|
| Call features: | Make-whole call before Aug. 1, 2024 at price equal to greater of par or Treasuries plus 15 bps; thereafter at par
|
| Trade date: | Aug. 1
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| Settlement date: | Aug. 8
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 85 bps area, plus or minus 2 bps; initial talk at Treasuries plus 100 bps area
|
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