By Angela McDaniels
Seattle, Oct. 15 - Nomura Securities International, Inc. priced an additional $14.15 million of CMS-linked accrual notes due Oct. 12, 2027 for issuer Toyota Motor Credit Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The company initially priced $10 million of the notes on Sept. 14. The total amount of notes priced is now $24.15 million.
Interest will accrue at 8.5% per year for the first 18 months. Beginning April 12, 2009, interest will equal a base rate multiplied by the proportion of days that the spread of the 30-year Constant Maturity Swap (CMS) rate over the 10-year CMS rate is greater than or equal to zero.
The base rate is initially 8.5% and will increase to 9.5% on Oct. 12, 2013 and to 10% on Oct. 12, 2022.
Interest is payable semiannually.
The notes are callable on any interest payment date beginning Oct. 12, 2008.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | CMS-linked accrual notes
|
| Amount: | $24.15 million, upsized from $10 million
|
| Maturity: | Oct. 12, 2027
|
| Coupon: | Initially 8.5% per year; beginning April 12, 2009, the base rate multiplied by the proportion of days that the spread of the 30-year CMS rate over the 10-year CMS rate is at least zero; payable semiannually
|
| Base rate: | 8.5% until Oct. 12, 2013; 9.5% until Oct. 12, 2022; 10% after that
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on interest payment dates beginning Oct. 12, 2008
|
| Pricing date: | Sept. 14
|
| Settlement date: | Oct. 12
|
| Underwriter: | Nomura Securities International, Inc.
|
| Fees: | None
|
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