General Electric Co.'s finance unit has bankrolled Penske TruckLeasing Co. for more than 15 years. That's about to change.

The joint venture between GE Capital Corp. and companiescontrolled by Roger Penske, a member of GE's board, plans torefinance $6.4 billion of borrowings over the next two years. A$700 million offering last month of unsecured bonds due in June2019, used to finance an equity infusion, was the first step,according to a statement this week.

After relying solely on GE Capital for financing since 1996,Penske Truck hired JPMorgan Chase & Co. to arrange a $1 billionloan and plans to tap the corporate bond market as borrowing costsreach record lows. The transactions come as GE Capital shrinksassets after $32 billion of credit losses in the aftermath ofLehman Brothers Holdings Inc.'s 2008 collapse.