Penske Truck Leasing Co. has completed its first asset-backed bank conduit facility with a group of six banks for $450 million.

The conduit can issue up to is $750 million. Penske said in a press release today that it will use the net proceeds to repay borrowings on its credit facility from General Electric Capital Corporation (GECC).

"This conduit facility continues the refinancing efforts we began earlier this year and provides PTL with an attractively priced source of pre-payable variable debt," said Frank Cocuzza, Senior Vice President of Finance, Penske.  Penske did not disclose which banks had worked on the deal.

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