The investment-grade notes are due 2028

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 $750 million of their 5.550% senior notes due 2028.

Penske Truck Leasing is a global transportation and supply chain services provider that operates more than 400,000 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 associate Caroline G. Armstrong. The tax team included counsel Tracy L. Matlock. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.