By Cristal Cody
Tupelo, Miss., April 2 – Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. priced an upsized $500 million of 4% senior notes due July 15, 2025 at a spread of 370 basis points over Treasuries on Wednesday, according to a market source.
The notes (Baa2/BBB/BBB+) were initially guided to print at the Treasuries plus 400 bps area.
The deal was upsized from $300 million.
BofA Securities, Inc., Fifth Third Securities, Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC were the bookrunners.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP/PTL Finance Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | July 15, 2025
|
| Bookrunners: | BofA Securities, Inc., Fifth Third Securities, Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 4%
|
| Spread: | Treasuries plus 370 bps
|
| Trade date: | April 1
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 400 bps area
|
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