MIAMI, FL -- (Marketwire) -- 08/10/09 -- Ryder System, Inc. (NYSE: R) has commenced a cash
tender offer to purchase up to $100 million aggregate principal amount of
certain of its outstanding notes as described below (the "Offer"). The
terms and conditions of the tender offer are described in Ryder's Offer to
Purchase dated August 10, 2009 (the "Offer to Purchase") and the related
Letter of Transmittal. Ryder expects to purchase the notes with commercial
paper borrowings.
The Tender Offer
Upon the terms and subject to the conditions set forth in the Offer to
Purchase and the related Letter of Transmittal, Ryder is offering to
purchase up to $100 million aggregate principal amount of (1) 5.95% Notes
due May 2011 ("May 2011 Notes"), (2) 5.0% Notes due April 2011 ("April 2011
Notes") and (3) 4.625% Notes due April 2010 ("April 2010 Notes" and
together with the May 2011 Notes and the April 2011 Notes, the "Notes").
The amount of each series of Notes that is purchased in the Offer will be
based on the order of priority (the "Acceptance Priority Level") for such
series, subject to a cap of $50 million on the aggregate principal amount
of May 2011 Notes and April 2011 Notes, on a combined basis, that may be
purchased.
Title of Principal Acceptance Maximum Total Early Late
Securities Amount Priority Tender Consider- Tender Tender
and CUSIP Outstanding Level Amount ation(1) Payment Offer
Numbers (1)(2) Consider-
ation(1)
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5.95% Notes
due May 2011
(CUSIP No.
78355 HJJ 9) $250,000,000 1st $50,000,000 $1,050 $30 $1,020
(3)
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5.0% Notes
due April 2011
(CUSIP No.
78355 HJG 5) $175,000,000 2nd $50,000,000 $1,030 $30 $1,000
(3)
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4.625% Notes
due April 2010
(CUSIP No.
78355 HJF 7) $225,000,000 3rd (4) $1,020 $20 $1,000
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(1) Per $1,000 principal amount of Notes tendered and accepted for
purchase. Does not include accrued and unpaid interest, which will
be paid on Notes accepted for purchase.
(2) Included in the Total Consideration for Notes validly tendered and
not validly withdrawn in the Offer at or prior to 5:00 p.m., New York
City time, on the Early Tender Date.
(3) The Maximum Tender Amount for the May 2011 Notes and the April 2011
Notes, on a combined basis, is $50,000,000.
