Published on 4/30/2024 in the Prospect News Investment Grade Daily.
New Issue: Ryder System prices $300 million 5.5% notes due 2029 at 99.672
By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., April 30 – Ryder System, Inc. priced $300 million of 5.5% notes due 2029 at 99.672 on Monday, according to a 424B3 filing with the Securities and Exchange Commission.
The notes priced at Treasuries plus 93 basis points, tighter than talk in the Treasuries plus 120 bps area, according to a market source.
The notes have a make-whole call option at Treasuries plus 15 basis points before May 1, 2029. For the last month until maturity, they are callable at par.
The notes are also putable if a change-of-control triggering event occurs.
BNP Paribas Securities Corp., BofA Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC and Truist Securities, Inc. are the joint bookrunners for the offering.
Ryder System is a Miami-based truck rental and fleet management company.
| Issuer: | Ryder System, Inc.
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | June 1, 2029
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC and Truist Securities, Inc.
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| Senior co-managers: | Comerica Securities, Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
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| Co-managers: | Academy Securities, Inc., CastleOak Securities LP, Fifth Third Securities, Inc., KeyBanc Capital Markets Inc. and TD Securities (USA) LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | In-house counsel and Sullivan & Cromwell LLP
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| Counsel to underwriters: | Mayer Brown LLP
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| Coupon: | 5.5%
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| Price: | 99.672
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| Spread: | Treasuries plus 93 bps
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| Call features: | At Treasuries plus 15 bps before May 1, 2029; after at par
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| Change of control: | Yes
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| Trade date: | April 29
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| Settlement date: | May 8
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| Distribution: | SEC-registered notes
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| Price talk: | Treasuries plus 120 bps area
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| Cusip: | 78355HLB3
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