Penske Truck Leasing Issues $1.0 Billion in Senior Notes

Penske-RigPenske Truck Leasing Co., L.P. (“PTL”) and its wholly owned subsidiary PTL Finance Corporation announced they have issued an aggregate of $1.0 billion of senior notes in two tranches with 5.5 year and 10 year maturities at rates of 2.875% percent and 4.25 percent, respectively. The first series matures in 2018 and the second in 2023. The net proceeds of the offering will be used to repay borrowings on PTL’s bank revolver and its credit facility from General Electric Capital Corporation (GECC). This is the fourth successful offering PTL has completed since May, 2012. The current offering was managed by Bank of America Merrill Lynch, J.P. Morgan and Wells Fargo Securities.

These senior notes have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. The notes are eligible for resale by the initial purchasers thereof pursuant to Rule 144A and Regulation S under the Securities Act. This is neither an offer to sell nor a solicitation of an offer to purchase any securities. Any offer of the notes will be made only by means of a private offering memorandum.

By Randy Ryerson

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