By Laura Lutz
Des Moines, Dec. 10 - Toyota Motor Credit Corp. priced $15 million of Constant Maturity Swap (CMS) curve-linked notes due Dec. 14, 2012, according to a 424B3 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the underwriter.
Interest will accrue at 4.5% per year through June 14, 2008. After that, the interest rate will be 5.25 times the spread of the 10-year CMS rate over the two-year CMS rate, subject to a floor of 0%.
Interest will be reset and payable quarterly.
The notes are callable in whole, but not in part, at par on any interest payment date from Dec. 14, 2009.
If they are not called early, the payout at maturity will be par.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Constant Maturity Swap curve-linked medium-term notes, series B
|
| Amount: | $15 million
|
| Maturity: | Dec. 14, 2012
|
| Coupon: | 4.5% until June 14, 2008; after that, 5.25 times spread of 10-year CMS rate over two-year CMS rate; floor of par
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from Dec. 14, 2009
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 14
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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