By Wendy Van Sickle
Columbus, Ohio, Oct. 11 – Toyota Motor Credit Corp. (A1/A+/A+) priced $2 billion of series B floating-rate medium-term notes at par on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
According to the filing, the principal amount may increase prior to settlement.
The notes will bear interest at SOFR plus 55 basis points, subject to a floor of 0%, with the initial rate to be calculated Oct. 12.
Interest will be paid and reset monthly.
BofA Securities, Inc. and Toyota Financial Services Securities USA Corp. are the agents.
Toyota Motor Credit is a Plano, Tex.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2 billion
|
| Issue: | Floating-rate medium-term notes, series B
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| Maturity: | Oct. 16, 2024
|
| Agents: | BofA Securities, Inc. and Toyota Financial Services Securities USA Corp.
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| Coupon: | SOFR plus 55 bps, subject to floor of 0%, reset and payable monthly
|
| Price: | Par
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| Yield: | SOFR plus 55 bps
|
| Trade date: | Oct. 11
|
| Settlement date: | Oct. 16
|
| Distribution: | SEC registered
|
| Cusip: | 89236TLC7
|
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