Ryder Further Enhances Its Liquidity Position With $400M Public Bond Offering

Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced it has issued $400 million of senior unsecured medium-term notes due June 2025. The transaction closed today, April 6, 2020. The company will use the proceeds from the offering for working capital and other general corporate purposes.

As of the close of business today, April 6, 2020, Ryder has $409 million available under its $1.4 billion global revolving credit facility which also serves as a backstop for Ryder’s commercial paper issuances, and expires in September 2023. Ryder also maintains an available cash balance of $1.2 billion as of April 6, 2020. Ryder has a total of $600 million of remaining public bond maturities in 2020 with $300 million maturing in May and $300 million maturing in September.

Lloyds Securities Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering of the notes.

MUFG Securities Americas Inc. served as billing and delivery agent.

About Ryder

Ryder is a Fortune 500® commercial fleet management, dedicated transportation, and supply chain solutions company. The company’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. Ryder, which provides commercial truck rental, truck leasing, used trucks for sale, and last mile delivery services, has been named among “The World’s Most Admired Companies” by Fortune, as well as one of “America’s Best Employers” and “America’s Best Employers for Women” by Forbes. The company is regularly recognized