Penske Truck Leasing $1.2 billion notes offering
The investment-grade senior notes are due 2026 and 2030
Davis Polk advised the joint book-running managers in connection with a Rule 144A / Regulation S notes offering by Penske Truck Leasing Co., L.P. and PTL Finance Corporation of $700 million of their 5.750% senior notes due 2026 and $500 million of their $6.200% senior notes due 2030.
Penske Truck Leasing is a global transportation and supply chain services provider that operates more than 410,000 vehicles and serves customers from more than 1,100 locations in North America, South America, Europe, Australia and Asia. Penske Truck Leasing is a joint venture among Penske Corporation, Penske Automotive Group, Inc. and Mitsui & Co., Ltd.
The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Caroline G. Armstrong, Soo Kyung Chae and Xuanling Xu. Counsel Christopher A. Baratta provided tax advice. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.