Penske Truck Leasing Co., L.P. (“PTL”) today announced that it completed an initial asset-backed bank conduit facility with a group of six banks for approximately $450 million. The available capacity of the facility is $750 million. PTL expects to use the net proceeds to repay borrowings on its credit facility from General Electric Capital Corporation (GECC).
“This conduit facility continues the refinancing efforts we began earlier this year and provides PTL with an attractively priced source of pre-payable variable debt,” said Frank Cocuzza, Senior Vice President of Finance, Penske Truck Leasing. “We are pleased some of the leading financial institutions in the world have agreed to participate in this facility.”
Penske Truck Leasing Co., L.P. (“PTL”) and its wholly owned subsidiary PTL Finance Corporation announced they have issued an aggregate of $1.5 billion of senior notes in two tranches with 3.5 year and 5.5 year maturities at rates of 2.50 percent and 3.375 percent, respectively. 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 third successful offering PTL has completed in 2012. The current offering was managed by Bank of America Merrill Lynch, J.P. Morgan and Wells Fargo Securities. 
Penske Truck Leasing, Co., L.P. (PTL) Completes $1.7 Billion Debt and Equity Transactions