MOVE AHEAD
The Official Blog of Penske Transportation Solutions

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PAG Increases Investment in Penske Truck Leasing

Today, Penske Automotive Group announced that it acquired an additional 14.4% interest in Penske Truck Leasing, Co., L.P. from GE Capital. Following the transaction, which was completed yesterday, Penske Automotive Group now holds a 23.4% ownership interest in Penske Truck Leasing.

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Penske Truck Leasing Welcomes Mitsui as New Investor

Penske Truck Leasing Co., L.P. (“PTL”) today announced that Tokyo-based Mitsui & Co., Ltd. (“Mitsui”) has acquired a 20.0% limited partnership interest in PTL from General Electric Capital Corporation (“GECC”). Following Mitsui’s investment, GECC will continue to own a 29.9% limited partnership interest. The transaction will not have any impact on Penske Corporation’s management and control of the company as it will continue to own a 50.1% interest in PTL and control the General Partner.

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Penske Truck Leasing Issues CDN$375 Million in Senior Notes

Penske Truck Leasing Canada Inc. (“PTL Canada”), a wholly-owned subsidiary Penske Truck Leasing Co., L.P. (“PTL”) announced it has issued CDN$375 million of senior notes with a 5 year maturity at a rate of 3.65%. The series matures in 2018. The notes are guaranteed by PTL and the net proceeds of the offering will be used to repay Canadian denominated borrowings on PTL's credit facility from General Electric Capital Corporation (“GECC”) and for general corporate purposes.

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Penske Truck Leasing closes $450 million asset-backed securitization

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).

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Penske Truck Leasing Issues $1.5 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 $1.5 billion of senior notes in two tranches with 3.5 year and 5.5 year maturities at rates of 2.50 percent and 3.375 percent, respectively. Net proceeds of the offering will be used to repay borrowings on PTL's bank revolver and its credit facility from General Electric Capital Corporation (GECC). This is the third successful offering PTL has completed in 2012. The current offering was managed by Bank of America Merrill Lynch, J.P. Morgan and Wells Fargo Securities.

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