Penske Truck Leasing and its wholly owned subsidiary PTL Finance announced they have issued an aggregate of $1 billion of senior notes in two tranches with 5.5-year and 10-year maturities at rates of 2.875% and 4.25%, respectively. The first series matures in 2018 and the second in 2023. The net proceeds of the offering will be used to repay borrowings on PTL’s bank revolver and its credit facility from GE Capital.

This is the fourth successful offering PTL has completed since May, 2012. The current offering was managed by Bank of America Merrill Lynch, J.P. Morgan and Wells Fargo Securities.

Penske Truck Leasing is a joint venture of Penske Corporation, Penske Automotive Group and GE 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.