Ryder Issues $400MM Public Bond Offering

Ryder System has issued $400 million of senior unsecured medium-term notes due September 2025. The transaction closed on May 7, 2020. The company will be using the proceeds from the offering to refinance a $300 million public bond maturing May 11, 2020, as well as for working capital and other general corporate purposes.

As of the close of business on May 11, 2020, Ryder has total committed liquidity available of $1.8 billion. This liquidity includes an available cash balance in the U.S. of approximately $800 million, approximately $900 million available under Ryder’s $1.4 billion global revolving credit facility which expires in September 2023 and also serves as a backstop for its commercial paper issuances and $100 million of availability under a $300 million receivable-backed financing facility.

Ryder’s net debt outstanding (total debt less cash) has declined from approximately $7.9 billion at December 31, 2019, to approximately $7.7 billion as of May 11, 2020. Ryder has $300 million of remaining public bond maturities in 2020.

BNP Paribas Securities, BofA Securities, Mizuho Securities, RBC Capital Markets and SunTrust Robinson Humphrey acted as joint book-running managers for the offering of the notes.

RBC Capital Markets served as billing and delivery agent.

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