Penske Truck Leasing announced that it is retrofitting 5,000 of its 2012 and 2013 model semi tractors in its commercial truck rental fleet with new LED headlights from Truck-Lite. It is the first and only commercial rental operation to offer this new headlamp. The retrofitting will take place over the next 12 months, and Penske is making the new LED lights part of its core standard specs going forward. The Truck-Lite LED headlamps were initially developed for military use. Truck-Lite’s LED forward lighting headlamps offer improved driver visibility through its more natural light spectrum, leading to improved object recognition at night. Truck-Lite’s LED beam pattern also reduces eye-strain for drivers and reduces harsh headlight glare to oncoming traffic. An additional benefit is a significant reduction in amperage draw on the vehicle’s electrical system, freeing up power for other uses and resulting in a 50-times longer lighting system life than conventional halogen technology.

Penske Truck Leasing Co., L.P. announced that it completed an initial asset-backed bank conduit facility with a group of six banks for approximately $450 million. On Oct. 5, 2012, the company announced the available capacity of the facility is $750 million. The company expects to use the net proceeds to repay borrowings on its credit facility from General Electric Capital Corp.

Penske Truck Leasing Co., L.P. and PTL Finance Corporation announced they have issued an aggregate of $1.5 billion of senior notes in two tranches with 3.5 year and 5.5 year maturities at rates of 2.50% and 3.375%, respectively. Net proceeds of the offering will be used to repay borrowings on PTL's bank revolver and its credit facility from General Electric Capital Corporation (GECC). This is the third successful offering PTL has completed in 2012. The current offering was managed by Bank of America Merrill Lynch, J.P. Morgan and Wells Fargo Securities. These senior notes have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws. The notes are eligible for resale by the initial purchasers thereof pursuant to Rule 144A and Regulation S under the Securities Act. This is neither an offer to sell nor a solicitation of an offer to purchase any securities. Any offer of the notes will be made only by means of a private offering memorandum.