GATX intends to price two-part offering of senior notes

By Aleesia Forni

Virginia Beach, Feb. 3 – GATX Corp. is planning to bring to market a two-tranche offering of senior notes on Tuesday, according to a market source and a 424B3 filed with the Securities and Exchange Commission.

The offering will include an add-on to the company’s existing 2.6% senior notes due 2020, as well as a new $350 million 10-year tranche of notes.

The original $250 million of 2.6% senior notes (Baa2/BBB/) due March 30, 2020 priced at Treasuries plus 120 basis points on Oct. 28.

BofA Merrill Lynch and Citigroup Global Markets Inc. are the bookrunners.

Proceeds will be used to repay $100 million outstanding of the company’s 5.7% notes due April 15, 2015, to repay $250 million of 4.75% notes due May 15, 2015 and for general corporate purposes, including working capital and capital expenditures.

The transportation leasing service company is based in Chicago.

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