The investment-grade senior notes are due 2027

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 2027.

Penske Truck Leasing is a global transportation and supply chain services provider that operates more than 430,000 vehicles and serves customers from more than 1,300 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 and Xuanling Xu. Counsel Christopher A. Baratta and associate Alanna Phillips provided tax advice. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.