Penske Truck Leasing Closes $450MM Securitization
Published October 8, 2012
Penske Truck Leasing said 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 GE Capital.
“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.”