We advised the joint book-running managers on the investment-grade offering

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 4.550% senior notes due 2031.

Penske Truck Leasing is a leading provider of innovative transportation solutions. The company operates and maintains a fleet of approximately 433,000 vehicles and serves customers from nearly 1,000 maintenance facilities and more than 2,400 rental locations across North America. Solutions from Penske Truck Leasing include full-service truck leasing, fleet maintenance, commercial and consumer truck rentals, used trucks and a comprehensive array of technologies to keep the world moving forward.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associate Hope Goimarac. Counsel Christopher A. Baratta and associate Alanna Phillips provided tax advice. Counsel David A. Zilberberg and associate Timothy J. Sullivan provided environmental advice. All members of the Davis Polk team are based in the New York office.

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