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Ryder Completes New $900 Million, 5-Year Global Revolving Credit Agreement

Dépèche transmise le 9 juin 2011 par Business Wire

Ryder Completes New $900 Million, 5-Year Global Revolving Credit Agreement

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”

“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.