5/7/12 Penske Truck Leasing, Co., L.P. (PTL) Completes $1.7 Billion Debt...

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Penske Truck Leasing, Co., L.P. (PTL) Completes $1.7 Billion Debt and Equity Transactions | blog.gope…
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Penske Truck Leasing, Co., L.P. (PTL)
Completes $1.7B Debt & Equity Transactions
April 30, 2012 By penskeblog Leave a Comment
Penske Truck Leasing,
Co., L.P. (PTL) Completes $1.7 Billion Debt and Equity Transactions
Penske and GE Capital Extend PTL Partnership to 2023
Investment Grade Ratings Received from Fitch, Moody’s and S&P
Penske Truck Leasing Co., L.P. (“PTL”) today announced that it has completed a series of transactions that
include $700 million of new equity investments from its existing partners, Penske Corporation, Penske
Automotive Group and General Electric Capital Corporation, and a new $1.0 billion five-year unsecured senior
credit facility with a group of 17 financial institutions. In addition to increasing their investment in PTL, the
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5/7/12
Penske Truck Leasing, Co., L.P. (PTL) Completes $1.7 Billion Debt and Equity Transactions | blog.gope…
partners have agreed to extend the term of the partnership to 2023.
PTL expects to use the $700 million of equity proceeds to retire existing debt while capacity under the new bank
credit facility will be kept available to finance working capital and support the future growth of the business. PTL
will continue to retain a credit agreement with GE Capital which, if not earlier repaid, will continue until 2018.
Brian Hard, President and CEO of PTL said “over the last 40 years, including 24 years in partnership with GE
Capital, we have built an outstanding brand in the transportation industry. We are excited that our partners have
increased their commitment to us by investing significant capital and extending the term of the partnership. In
addition, we are pleased that some of the leading financial institutions in the world have agreed to provide us with
a new $1.0 billion unsecured credit facility which reflects their confidence in the strength of our business model.”
PTL also announced that it had received investment grade ratings from three major rating agencies: Fitch,
Moody’s and Standard & Poors. Hard added, “we’re very pleased that the rating agencies have recognized our
company’s financial strength and long history of consistent performance. These strong credit ratings will allow us
to consider additional diversified sources of capital in the financial markets.”
Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation,
Penske Automotive Group and General Electric Capital Corporation. A leading global transportation services
provider, Penske operates more than 200,000 vehicles and serves customers from more than 1,000 locations in
North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract
maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing
management and supply chain management solutions. To learn more about Penske’s products and services
please visit http://www.gopenske.com/ and our “Move Ahead” blog.
By “Move Ahead” Staff
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