Ryder Increases Its Solid 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 September 2025. The transaction closed on May 7, 2020. The company will be using the proceeds from the offering to refinance a $300 million public bond maturing today, May 11, 2020, as well as for working capital and other general corporate purposes.

As of the close of business today, May 11, 2020, Ryder has total committed liquidity available of $1.8 billion. This liquidity includes an available cash balance in the United States of approximately $800 million, approximately $900 million available under Ryder’s $1.4 billion global revolving credit facility which expires in September 2023 and also serves as a backstop for its commercial paper issuances, and $100 million of availability under a $300 million receivable-backed financing facility. Ryder’s net debt outstanding (total debt less cash) has declined from approximately $7.9 billion at December 31, 2019, to approximately $7.7 billion as of May 11, 2020. Ryder has $300 million of remaining public bond maturities in 2020.

BNP Paribas Securities Corp., BofA Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, and SunTrust Robinson Humphrey, Inc. acted as joint book-running managers for the offering of the notes.

RBC Capital Markets, LLC served as billing and delivery agent.

About Ryder System, Inc.

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.

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