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 3.450% senior notes due 2024.
Penske Truck Leasing is a global transportation services provider that operates more than 303,000 vehicles and serves customers from more than 3,100 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 John G. Crowley and associate Jolie Yang. The tax team included counsel Ethan R. Goldman and associate Liang Zhang. Counsel Loyti Cheng and associate Rachel Hoberman provided environmental advice. All members of the Davis Polk team are based in the New York office.