The investment-grade senior notes are due 2029

Davis Polk advised the joint book-running managers in connection with a Rule 144A / Regulation S notes offering by Penske Truck Leasing Co., L.P. and PTL Finance Corporation of $700 million of their 5.250% senior notes due 2029.

Penske Truck Leasing is a leading provider of innovative transportation solutions. The company operates and maintains a fleet of approximately 442,400 vehicles and serves customers from more than 980 maintenance facilities and more than 2,600 rental locations across North America. Solutions from Penske Truck Leasing include full-service truck leasing, fleet maintenance, commercial and consumer truck rentals, used trucks and a comprehensive array of technologies to keep the world moving forward.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Logan Crossley and Yuchen Xie. Counsel Christopher A. Baratta and associates Alanna Phillips and Ryan Powers provided tax advice. Counsel David A. Zilberberg and associate Shefain Islam provided environmental advice. All members of the Davis Polk team are based in the New York office.

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