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Penske Truck Leasing Co. plans to refinance $6.4 billion in debt over the next two years, Bloomberg reported.

The company, a joint venture of Penske Corp., Penske Automotive Group and General Electric Capital Corp., on Monday announced $700 million of new equity investments from its existing partners as the first step in the refinancing plan, Bloomberg said.

PTL also hired JPMorgan Chase to secure a separate $1 billion loan, Bloomberg reported. PTL had relied solely on GE Capital for financing since 1996, Bloomberg said.

In addition to increasing their investment in PTL, Penske and GE Capital have agreed to extend the term of their partnership t3, PTL said in a statement.