Ryder offer for three notes series oversubscribed at early deadline

By Devika Patel

Knoxville, Tenn., Aug. 21 - Ryder System, Inc. said holders had tendered approximately $288 million in notes as of the early tender deadline in a cash tender offer for up to $100 million of notes.

The company had received tenders for $90,981,000 of its $250 million 5.95% notes due May 2011, $95,577,000 of its $175 million 5% notes due April 2011 and $101,571,000 of its $225 million 4.625% notes due April 2010 as of 5 p.m. ET on Aug. 21.

Listed in priority order, Ryder will purchase up to $50 million of the 5.95% notes and the 5% notes, with no limit on the amount of 4.625% notes. Because the offer is oversubscribed, Ryder will buy $50 million of the 5.95% notes and none of the 5% notes.

For each $1,000 principal amount, the company said it will pay $1,050 for the 5.95% notes, $1,030 for the 5% notes and $1,020 for the 4.625% notes.

The considerations for the 5.95% notes and the 5% notes include a $30 early tender payment while the 4.625% notes' payout includes a $20 early tender payment for those who submitted their tenders prior to 5 p.m. ET on Aug. 21.

The company said it will also pay accrued interest.

The offer will expire on Sept. 24.

The dealer managers are Mizuho Securities USA Inc. (866 271-7403), Jefferies & Co., Inc. (877 877-0696 or call collect 212 284-2435) and SunTrust Robinson Humphrey, Inc. (800 685-4786 or call collect 404 813-0215). The information agent is D.F. King & Co., Inc. (800 269-6427 or call collect 212 269-5550).

The transportation and logistics company is based in Miami.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.