By Laura Lutz
Des Moines, Nov. 2 - Toyota Motor Credit Corp. priced $10 million of Constant Maturity Swap (CMS) curve-linked notes due Nov. 20, 2027, according to a 424B3 filing with the Securities and Exchange Commission.
Nomura Securities International, Inc. is the underwriter.
Interest will accrue at 8.625% per year through Nov. 20, 2008. Thereafter, the interest rate will be a base rate times the proportion of days on which the spread of the 30-year CMS rate over the 10-year CMS rate is at least 0%.
The base rate will be 8.625% from Nov. 20, 2008 to Nov. 20, 2017, 9% from then until Nov. 20, 2023, 10% from then until Nov. 20, 2025 and 20% thereafter.
The spread will be determined five business days before the end of each interest period.
Interest will be payable semiannually.
The notes are callable in whole, but not in part, at par on any interest payment date from Nov. 20, 2008.
If they are not called early, the payout at maturity will be par.
Toyota reserved the right to further increase the principal amount before Oct. 31, the settlement date.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Constant Maturity Swap linked accrual medium-term notes, series B
|
| Amount: | $10 million
|
| Maturity: | Nov. 20, 2027
|
| Interest: | 8.625% until Nov. 20, 2008; thereafter a base rate times the spread of 30-year CMS rate over 10-year CMS rate; base rate will be 8.625% from Nov. 20, 2008 to Nov. 20, 2017, 9% from then until Nov. 20, 2023 and 20% thereafter
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from Nov. 20, 2008
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 20
|
| Agent: | Nomura Securities International, Inc.
|
| Fees: | None
|
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