Published on 11/6/2019 in the Prospect News Investment Grade Daily.
New Issue: Ryder System sells $400 million 2.9% notes due 2026 at 118 bps spread
By Cristal Cody
Tupelo, Miss., Nov. 6 – Ryder System, Inc. priced $400 million of 2.9% seven-year medium-term notes at 99.948 and a spread of 118 basis points over Treasuries on Wednesday, according to a market source and a 424B3 filed with the Securities and Exchange Commission.
The notes (Baa1/BBB+/A-) were initially talked to price with a spread in the 140 bps area.
BNP Paribas Securities Corp., BofA Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. 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: | $400 million
|
| Description: | Medium-term notes
|
| Maturity: | Dec. 1, 2026
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC
|
| Senior co-managers: | BB&T Capital Markets, Lloyds Securities Inc., MUFG, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, 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: | 2.9%
|
| Price: | 99.948
|
| Spread: | Treasuries plus 118 bps
|
| Call features: | Make-whole call before Oct. 1, 2026 at price equal to greater of par or Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 120 bps area, plus or minus 2 bps; initial talk at Treasuries plus 140 bps area
|
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