Ryder System Inc. has secured a new $1.6 billion revolving credit facility, replacing its previous arrangement and increasing its credit capacity by $200 million, the company announced Tuesday.

The five-year facility includes 11 global financial institutions and runs through April 22, 2030. It will support general corporate purposes and working capital needs for Ryder and its subsidiaries.

“Execution of this new, upsized credit facility further solidifies Ryder’s strong liquidity position for the next five years,” said Cristina Gallo-Aquino, Ryder’s chief financial officer.

Ryder Senior Vice President of Finance and Treasurer Dan Susik added, “We are very pleased with the confidence and long-term financial support shown by our global banking partners.”

BofA Securities Inc. and MUFG Bank Ltd. acted as joint bookrunners and joint lead arrangers. Additional joint lead arrangers included BNP Paribas Securities Corp., Mizuho Bank Ltd., PNC Capital Markets LLC, RBC Capital Markets, Truist Securities Inc., U.S. Bank National Association, and Wells Fargo Securities LLC. Regions Bank and Comerica Bank also participated as lenders.

Headquartered in Miami, Ryder (NYSE: R) provides transportation and logistics services across North America, including fleet management, supply chain solutions, and commercial vehicle rental.