By Marisa Wong and Cristal Cody
Los Angeles, March 26 – Penske Truck Leasing Co. LP and PTL Finance Corp. priced $500 million of 5.35% notes due 2029 (Baa2/BBB+) on Monday, according to a market source.
The notes priced at Treasuries plus 112 basis points. Initial price talk was in the Treasuries plus 140 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC were the bookrunners.
The truck leasing company is based in Reading, Pa.
| Issuers: | Penske Truck Leasing Co., LP and PTL Finance Corp.
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | March 30, 2029
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
|
| Coupon: | 5.35%
|
| Spread: | Treasuries plus 112 bps
|
| Pricing date: | March 25
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Price talk: | Treasuries plus 140 bps area
|
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