Toyota eyes three-part sale of notes, including add-on to 2025 notes

By Devika Patel

Knoxville, Tenn., May 20 – Toyota Motor Corp. is expected to price fixed-rate senior notes in three parts, including an add-on to its 1.8% notes due Feb. 13, 2025, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $650 million of the 2025 notes in an offering that priced on Feb. 11 and settled on Feb. 13. The notes priced at 99.933 to yield 1.814%, or Treasuries plus 45 basis points.

The two new tranches will be due in 2022 and 2023.

The 2022 notes are non-callable. The 2023 notes will have a make-whole call. The 2025 notes have a make-whole call at Treasuries plus 10 bps.

The bookrunners are Barclays, Citigroup Global Markets Inc., Lloyds Securities Inc., Santander Investment Securities Inc. and SMBC Nikko Securities America Inc.

Toyota is a multinational automotive manufacturer based in Aichi, Japan.

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