By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., May 16 – Toyota Motor Credit Corp. (A1/A+/A+) priced three tranches of series B notes totaling $2 billion, according to separate FWPs filed with the Securities and Exchange Commission.
A tranche for $300 million of floating-rate notes due May 18, 2026 priced at par. Price talk, according to a source, was SOFR plus an equivalent spread.
The initial interest rate will be based on SOFR plus a spread of 89 basis points, resetting quarterly.
They are non-callable.
The $1 billion of 4.45% notes due May 18, 2026 priced at 99.942 to yield 4.471%, or at Treasuries plus 80 basis points. Price talk was in the 95 bps area.
They are also non-callable.
The $700 million of 4.55% notes due May 17, 2030 priced at 99.84 to yield 4.577%, or at Treasuries plus 110 bps. Initial talk had the notes coming in the 125 bps area.
They feature a make-whole call at Treasuries plus 20 bps any time prior to maturity.
Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SG Americas Securities, LLC and TD Securities (USA) LLC are the joint bookrunners for the offering.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2 billion
|
| Issue: | Medium-term notes, series B
|
| Bookrunners: | Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SG Americas Securities, LLC and TD Securities (USA) LLC
|
| Co-managers: | Banco Bradesco BBI SA, BBVA Securities Inc., Fifth Third Securities, Inc., Loop Capital Markets LLC, MFR Securities, Inc. and Penserra Securities LLC
|
| Trade date: | May 15
|
| Settlement date: | May 18
|
| Distribution: | SEC registered
|
|
|
| Floating-rate notes
|
| Amount: | $300 million
|
| Maturity: | May 18, 2026
|
| Coupon: | SOFR plus 89 bps
|
| Price: | Par
|
| Price talk: | SOFR plus an equivalent spread
|
| Cusip: | 89236TKV6
|
|
|
| Fixed-rate notes
|
| Amount: | $1 billion
|
| Maturity: | May 18, 2026
|
| Coupon: | 4.45%
|
| Price: | 99.942
|
| Yield: | 4.471%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | Treasuries plus 95 bps area
|
| Cusip: | 89236TKT1
|
|
|
| 2030 notes
|
| Amount: | $700 million
|
| Maturity: | May 17, 2030
|
| Coupon: | 4.55%
|
| Price: | 99.84
|
| Yield: | 4.577%
|
| Spread: | Treasuries plus 110 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps at any time
|
| Price talk: | Treasuries plus 125 bps area
|
| Cusip: | 89236TKU8
|
|
|
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