Penske Truck Leasing, Co., L.P. (PTL) Completes $1.7 Billion Debt and Equity Transactions

Penske and GE Capital Extend PTL Partnership to 2023

Investment Grade Ratings Received from Fitch, Moody’s and S&P

Penske Truck Leasing Co., L.P. (“PTL”) today announced that it has completed a series of transactions that include $700 million of new equity investments from its existing partners, Penske Corporation, Penske Automotive Group and General Electric Capital Corporation, and a new $1.0 billion five-year unsecured senior credit facility with a group of 17 financial institutions. In addition to increasing their investment in PTL, the partners have agreed to extend the term of the partnership to 2023. [Read more...]