Penske Truck Leasing Issues $1.1 Billion in Senior Notes
Penske Truck Leasing Co., L.P. (“PTL”) and its wholly owned subsidiary PTL Finance Corporation announced they have issued an aggregate of $1.1 billion of two-year and 10-year senior notes. The first series matures in 2014 and the second in 2022. The net proceeds from the sale of these notes will be used to refinance existing PTL debt.
“This recent offering continues the refinancing efforts we began in May,” said Brian Hard, president and CEO of Penske Truck Leasing. “We are very pleased with the market’s favorable response to our latest offering.”
The offering was managed by Bank of America Merrill Lynch, J.P. Morgan, RBS Securities, and Wells Fargo Securities.
These senior notes have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. The notes are eligible for resale by the initial purchasers thereof pursuant to Rule 144A and Regulation S under the Securities Act. This is neither an offer to sell nor a solicitation of an offer to purchase any securities. Any offer of the notes will be made only by means of a private offering memorandum.
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, PTL 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 PTL’s products and services please visit https://www.gopenske.com/ and our “Move Ahead” blog.
By "Move Ahead" Staff
Penske Logistics further leverages its advanced 
Cut Idle Time: idling can burn 1.2 gallons of fuel per hour and decreases engine life. Through the use of idle reduction technology, such as auxiliary power units, and by only warming engines up for the minimum time needed, carriers can help minimize unnecessary idling. In addition, educating drivers about the costs associated with idling and offering driver incentives can further reduce idling.
Gallick, along with other industry executives, spoke in a panel discussion at the National Press Club in Washington, D.C., 
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FMCSA will also be renaming the Cargo-Related BASIC to the Hazardous Materials (HM) BASIC, which will better identify HM-related safety problems and change how HAZMAT carriers are classified to allow for increased intervention scrutiny. Now HAZMAT violations will be placed in the HAZMAT BASIC, which will better identify HAZMAT-related safety problems and change how HAZMAT carriers are classified to allow for increased intervention scrutiny. The HAZMAT BASIC will include items such as placarding and paperwork violations.
Shippers would do well to be mindful of these key considerations when evaluating a DCC provider:
Innovative Concept Helps the Environment
“Simply excellent” were the words the European Logistics Association’s judges used to describe the project. “Redesigning a spare parts supply chain is not an easy task, but combining this with the acquisition of other brands to be included in the logistics network in Europe is a true challenge. This supply chain is particularly complex, due to the high number of unique items to be managed, the heterogeneity of those items, and the extremely short lead times that dealers require. The industrywide cooperation makes the Network Integrator a state-of-the-art example. This excellent concept produces excellent results in cost reduction, increased customer service and advantages for the planet through deep collaboration. On top of that it delivers several exemplary models for the future,” the case study judges wrote.
Spare parts logistics has become more challenging for the automotive industry in Europe due to the increasing number of spare parts as a result of increased vehicle complexity. Ford collaborated with Penske Logistics and co-developed the Network Integrator concept into a best-in-class model in industry collaboration.
“Our goal is to continue expanding the concept and encourage other companies of the automotive industry to join the Network, and further leverage economies of scale – to the benefit of each partner participating in the Network and to the environment," Damerow continued. "Last but not least, the customer benefits as well, as we can provide the highest service level through a stable network."