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

MIAMI--(BUSINESS WIRE)--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 for its industry-leading practices in third-party logistics, environmentally friendly fleet and supply chain solutions, world-class safety and security programs, and hiring of military veterans. For more information, visit www.ryder.com or our newsroom, and follow us on Facebook, LinkedIn, and Twitter.

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.