By Cristal Cody
Tupelo, Miss., Aug. 11 – Toyota Motor Credit Corp. priced $2.75 billion of medium-term notes (A1/A+/A+) in three tranches on Tuesday, according to a market source and FWP filings with the Securities and Exchange Commission.
The company sold $750 million of floating-rate notes due Feb. 14, 2022 at par to yield Libor plus 15 basis points.
Price talk was in the Libor plus 30 bps area.
A $1.4 billion tranche of 0.5% three-year notes priced at 99.923 to yield 0.526% and a 35 bps over Treasuries spread.
The three-year notes were talked at the 60 bps spread area.
Toyota priced a $600 million offering of 1.15% seven-year notes at 99.953 to yield 1.157%, or a spread of 70 bps over Treasuries.
Initial price talk was in the Treasuries plus 87.5 bps area.
BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and MUFG were the bookrunners.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2.75 billion
|
| Description: | Series B medium-term notes
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and MUFG
|
| Co-managers: | Academy Securities, Inc., BBVA Securities Inc., Commerz Markets LLC, Multi-Bank Securities, Inc., Standard Chartered Bank and U.S. Bancorp Investments, Inc.
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
|
|
| 18-month floaters
|
| Amount: | $750 million
|
| Maturity: | Feb. 14, 2022
|
| Coupon: | Libor plus 15 bps
|
| Price: | Par
|
| Yield: | Libor plus 15 bps
|
| Call feature: | None
|
| Price guidance: | Libor plus 30 bps area
|
|
|
| Three-year notes
|
| Amount: | $1.4 billion
|
| Maturity: | Aug. 14, 2023
|
| Coupon: | 0.5%
|
| Price: | 99.923
|
| Yield: | 0.526%
|
| Spread: | Treasuries plus 35 bps
|
| Call feature: | None
|
| Price guidance: | Treasuries plus 60 bps area
|
|
|
| Seven-year notes
|
| Amount: | $600 million
|
| Maturity: | Aug. 13, 2027
|
| Coupon: | 1.15%
|
| Price: | 99.953
|
| Yield: | 1.157%
|
| Spread: | Treasuries plus 70 bps
|
| Call feature: | Make-whole call before maturity at Treasuries plus 12.5 bps
|
| Price guidance: | Treasuries plus 87.5 bps area
|
|
|
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