Penske Truck Leasing Closes $450 Million Asset-Backed Securitization
READING, Pa., October 5, 2012 – Penske Truck Leasing Co., L.P. ("PTL") today announced that it completed an initial asset-backed bank conduit facility with a group of six banks for approximately $450 million. The available capacity of the facility is $750 million. PTL expects to use the net proceeds to repay borrowings on its credit facility from General Electric Capital Corporation (GECC).
"This conduit facility continues the refinancing efforts we began earlier this year and provides PTL with an attractively priced source of pre-payable variable debt," said Frank Cocuzza, Senior Vice President of Finance, Penske Truck Leasing. "We are pleased some of the leading financial institutions in the world have agreed to participate in this facility."
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 www.GoPenske.com and our "Move Ahead" blog.