MIAMI--(BUSINESS WIRE)--
Ryder System, Inc. (NYSE: R) today announced a new $900 million,
five-year global revolving credit facility which will expire in June of
2016. Twelve financial institutions participated in the facility. The
new credit facility, effective June 8, 2011, replaces an $875 million
facility that would have expired in April of 2012.
“Execution of this long-term credit agreement firmly establishes Ryder’s
strong liquidity position for the next five years and underscores our
financial stability and strength,” said Ryder Chairman and Chief
Executive Officer Greg Swienton. The credit facility will primarily be
used to support the Company’s commercial paper program, which funds
working capital requirements, capital investments, and other business
activities.
“We are extremely pleased with the clear demonstration of confidence and
long-term financial support from our banking partners,” said Dan Susik,
Ryder Senior Vice President - Finance and Treasurer. Lead arrangers for
the transaction included Bank of America Merrill Lynch, Bank of
Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas Securities Corp., Mizuho
Corporate Bank, Ltd., RBC Capital Markets, RBS Securities Inc., U.S.
Bank National Association, and Wells Fargo Securities, LLC.
About Ryder
Ryder is a FORTUNE 500® commercial transportation, logistics and supply
chain management solutions company. Ryder’s stock is a component of the
Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Inbound
Logistics magazine has recognized Ryder as the top third party
logistics provider and included Ryder in its 2010 “50 Green Partners”
listing. Ryder also ranked 114 out of the top 500 U.S. companies and
sixth in its industry sector in the 2010 Newsweek Green Rankings. Security
Magazine has named Ryder one of the top companies for security practices
in the transportation, logistics, supply chain, and warehousing sector.
Ryder is a proud member of the American Red Cross Annual Disaster Giving
Program, supporting national and local disaster preparedness and
response efforts. For more information on Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and
information included in this presentation are "forward-looking
statements" under the Federal Private Securities Litigation Reform Act
of 1995, including but not limited to statements regarding the Company’s
anticipated liquidity and financial position and our expected use of the
credit facility. Accordingly, these forward-looking statements should be
evaluated with consideration given to the many risks and uncertainties
inherent in our business that could cause actual results and events to
differ materially from those in the forward-looking statements.
Important factors that could cause such differences include, among
others, higher borrowing costs and possible decreases in available
funding sources caused by an adverse change in our credit ratings,
unanticipated interest rate and currency exchange rate fluctuations,
negative funding status of our pension plans caused by lower than
expected returns on invested assets and unanticipated changes in
interest rates, withdrawal liability as a result of our participation in
multi-employer plans, instability in U.S. and worldwide credit markets,
resulting in higher borrowing costs and/or reduced access to credit, the
adequacy of accounting estimates, reserves and accruals, particularly
with respect to pension, taxes, insurance and revenue, new accounting
pronouncements, rules or interpretations, changes in government
regulations affecting banking institutions, credit and financial
markets, and the risks described in our filings with the Securities and
Exchange Commission. The risks included here are not exhaustive. New
risks emerge from time to time and 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.
Source: Ryder System, Inc.