By Cristal Cody
Chicago, May 22 – Penske Truck Leasing Co., LP and PTL Finance Corp. priced a two-part bond offering on Monday, a market source reported.
The company sold $700 million of 5.75% three-year notes at Treasuries plus 180 basis points. Initial talk put the deal coming in the 215 bps area.
The second tranche priced as $500 million of 6.2% notes with a seven-year tenor. The spread was 250 bps to Treasuries after initial talk 25 bps higher in the 275 bps area.
BofA Securities, Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc. and J.P. Morgan Securities LLC were listed as bookrunners.
The truck leasing company is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP and PTL Finance Corp.
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| Amount: | $1.2 billion
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| Issue: | Notes
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| Bookrunners: | BofA Securities, Inc., Citizens Capital Markets Inc., Fifth Third Securities Inc. and J.P. Morgan Securities LLC
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| Trade date: | May 22
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| Three-year notes
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| Amount: | $700 million
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| Maturity: | May 24, 2026
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| Coupon: | 5.75%
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| Spread: | Treasuries plus 180 bps
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| Price talk: | Treasuries plus 215 bps area
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| Seven-year notes
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| Amount: | $500 million
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| Maturity: | June 15, 2030
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| Coupon: | 6.2%
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| Spread: | Treasuries plus 250 bps
|
| Price talk: | Treasuries plus 275 bps area
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