By Devika Patel
Knoxville, Tenn., May 21 – Toyota Motor Credit Corp. priced $3 billion of series B medium-term notes (A1/A+/A+) in three tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
A $1.25 billion tranche of 1.15% two-year notes priced at a spread of Treasuries plus 100 basis points. These notes priced at 99.966 to yield 1.167%.
Toyota sold $1 billion of 1.35% notes due Aug. 25, 2023 at a 115 bps over Treasuries spread. These notes priced at 99.963 to yield 1.362%.
In the final tranche, the company sold a $750 million add-on to its 1.8% notes due Feb. 13, 2025. These notes were sold at a spread of 125 bps over Treasuries and priced at 100.977 to yield 1.584%.
The company sold $650 million of the 2025 notes in a sale that priced on Feb. 11 and settled on Feb. 13. The notes priced with a spread of Treasuries plus 45 bps at 99.933 to yield 1.814%.
The bookrunners are Barclays, Citigroup Global Markets Inc., Lloyds Securities Inc., Santander Investment Securities Inc. and SMBC Nikko Securities America Inc.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $3 billion
|
| Description: | Series B notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Lloyds Securities Inc., Santander Investment Securities Inc. and SMBC Nikko Securities America Inc.
|
| Co-managers: | ICBC Standard Bank plc, ING Financial Markets LLC, Loop Capital Markets LLC, Mischler Financial Group Inc., Scotia Capital (USA) Inc. and Siebert Williams Shank & Co. LLC
|
| Trade date: | May 20
|
| Settlement date: | May 26
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| 2022 notes
|
| Amount: | $1.25 billion
|
| Maturity: | May 26, 2022
|
| Coupon: | 1.15%
|
| Price: | 99.966
|
| Yield: | 1.167%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Non-callable
|
|
|
| 2023 notes
|
| Amount: | $1 billion
|
| Maturity: | Aug. 25, 2023
|
| Coupon: | 1.35%
|
| Price: | 99.963
|
| Yield: | 1.362%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps
|
|
|
| 2025 notes
|
| Amount: | $750 million reopening
|
| Maturity: | Feb. 13, 2025
|
| Coupon: | 1.8%
|
| Price: | 100.977
|
| Yield: | 1.584%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps
|
| Total outstanding: | $1.4 billion, including $650 million of notes priced Feb. 11
|
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