By Cristal Cody
Tupelo, Miss., Feb. 24 – Toyota Credit Canada Inc. sold C$600 million of senior medium-term notes in two tranches under its euro MTN program, according to final term sheets.
The company priced C$200 million of series 63 three-year floating-rate notes at par to yield a spread of three-month CDOR plus 103 basis points.
Toyota Credit Canada also sold C$400 million of 2.2% series 62 five-year fixed-rate notes at 99.802 to yield 2.242%.
The syndicate included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
The euro MTN program was established by Toyota Motor Finance (Netherlands) BV, Toyota Credit Canada Inc., Toyota Finance Australia Ltd. and Toyota Motor Credit Corp.
Proceeds from the offering will be used for general corporate purposes.
Markham, Ont.-based Toyota Credit Canada is the Canadian financing arm of Toyota Motor Corp.
| Issuer: | Toyota Credit Canada Inc.
|
| Amount: | C$600 million
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., CIBC World Markets Inc., RBC Dominion Securities Inc.
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody’s Japan K.K.: Aa3
|
| Standard & Poor’s Japan K.K.: AA-
|
| Distribution: | Canada, Europe, Regulation S Category 2
|
|
|
| Series 63 notes
|
| Amount: | C$200 million
|
| Maturity: | Feb. 25, 2019
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month CDOR plus 103 bps
|
| Price: | Par
|
| Yield: | Three-month CDOR plus 103 bps
|
| Call feature: | Par
|
| Put option: | None
|
|
|
| Series 62 notes
|
| Amount: | C$400 million
|
| Maturity: | Feb. 25, 2021
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.2%
|
| Price: | 99.802
|
| Yield: | 2.242%
|
| Call feature: | Par
|
| Put option: | None
|
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