By Cristal Cody
Tupelo, Miss., May 7 – Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. priced $450 million of 3.9% senior notes due Feb. 1, 2024 (Baa2/BBB/BBB+) on Monday at a spread of 115 basis points over Treasuries, according to a market source.
The notes priced on the tight side of guidance that was announced in the Treasuries plus 120 bps area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets 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.
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| Amount: | $400 million
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| Maturity: | Feb. 1, 2024
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| Description: | Senior notes
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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: | 3.9%
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| Spread: | Treasuries plus 115 bps
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| Trade date: | May 7
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 120 bps area
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