By Cristal Cody
Tupelo, Miss., March 13 – Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. priced $500 million of 4.2% 10-year senior notes at a spread of 160 basis points over Treasuries on Monday, according to a market source.
The notes due April 1, 2027 (Baa2/BBB/BBB+) priced at the wide side of guidance that had been set in the Treasuries plus 155 bps area, plus or minus 5 bps.
BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds from the sale will be used to repay outstanding debt and for general corporate purposes.
The global transportation services provider is based in Reading, Pa.
| Issuer: | Penske Truck Leasing Co., LP/PTL Finance Corp.
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| Amount: | $500 million
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| Description: | Senior notes
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| Maturity: | April 1, 2027
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| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC
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| Coupon: | 4.2%
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| Spread: | Treasuries plus 160 bps
|
| Trade date: | March 13
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| Price guidance: | Treasuries plus 155 bps area, plus or minus 5 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
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