New Issue: Ryder System prices $300 million 2.25% five-year notes at 97 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Nov. 1 – Ryder System, Inc. priced $300 million of 2.25% five-year medium-term notes on Tuesday with a spread of 97 basis points over Treasuries, according to a market source.

The notes due Sept. 1, 2021 (Baa1//A-) priced on the tight side of guidance.

BofA Merrill Lynch, BNP Paribas Securities Corp., Mizuho Securities USA Inc. and RBC Capital Markets LLC were the bookrunners.

Ryder System is a Miami-based truck rental and fleet management company.

Issuer:	Ryder System, Inc.
Amount:	$300 million
Description:	Medium-term notes
Maturity:	Sept. 1, 2021
Bookrunners:	BofA Merrill Lynch, BNP Paribas Securities Corp., Mizuho Securities USA Inc., RBC Capital Markets LLC
Coupon:	2.25%
Spread:	Treasuries plus 97 bps
Trade date:	Nov. 1
Ratings:	Moody’s: Baa1
	Fitch: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 100 bps area, plus or minus 3 bps

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