The investment-grade senior notes are due 2029

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 $500 million of their 5.350% senior notes due 2029.

Penske Truck Leasing is a leading provider of innovative transportation solutions. The company operates and maintains more than 439,500 vehicles and serves customers from more than 920 maintenance facilities and approximately 2,050 rental locations across North America. Solutions from Penske Truck Leasing include full-service truck leasing, fleet maintenance, truck rentals, used trucks and a comprehensive array of technologies to keep the world moving forward. 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 Logan Crossley and Xuanling Xu. Counsel Christopher A. Baratta and associate Alanna Phillips provided tax advice. Counsel David A. Zilberberg and associate Shefain Islam provided environmental advice. All members of the Davis Polk team are based in the New York office.