New Issue: GATX prices $400 million 5.45% notes due 2033 at 190 bps spread

By Marisa Wong

Los Angeles, May 1 – GATX Corp. priced $400 million of 5.45% senior notes due Sept. 15, 2033 (expected: Baa2/BBB/BBB+) on Monday at a spread of 190 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.819 to yield 5.474%.

The notes feature a make-whole call option, followed by a par call option.

BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes.

The railcar leasing company is based in Chicago.

Issuer:	GATX Corp.
Amount:	$400 million
Issue:	Senior notes
Maturity:	Sept. 15, 2033
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
Senior co-managers:	KeyBanc Capital Markets Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
Co-managers:	BMO Capital Markets Corp., Fifth Third Securities, Inc., Huntington Securities, Inc., Loop Capital Markets LLC, Siebert Williams Shank & Co., LLC and MUFG Securities Americas Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Mayer Brown LLP
Counsel to underwriters:	Winston & Strawn LLP
Coupon:	5.45%
Price:	99.819
Yield:	5.474%
Spread:	Treasuries plus 190 bps
Call options:	Make-whole call at Treasuries plus 30 bps until June 15, 2033; par call after that
Trade date:	May 1
Settlement date:	May 3
Expected ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB+
Distribution:	SEC registered
Cusip:	361448BL6

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