New Issue: Toyota Motor Credit prices $2.68 billion of floaters in two parts

By Wendy Van Sickle

Columbus, Ohio, Dec. 4 – Toyota Motor Credit Corp. (A1/A+/A+) priced $2.68 billion of floating-rate medium-term notes in two parts at par on Monday, according to FWP filings with the Securities and Exchange Commission.

The first series consists of $2.1 billion of one-year floaters that will bear interest at SOFR plus 50 basis points, subject to a floor of 0%.

The second series, for $575 million of notes due June 9, 2025, will bear interest at SOFR plus 60 bps, subject to a floor of 0%.

J.P. Morgan Securities LLC 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:	$2,675,000,000
Issue:	Floating-rate medium-term notes, series B
Agents:	J.P. Morgan Securities LLC and Toyota Financial Services Securities USA Corp.
Trade date:	Dec. 4
Settlement date:	Dec. 7
Distribution:	SEC registered
2024 notes
Amount:	$2.1 billion
Maturity:	Dec. 9, 2024
Coupon:	SOFR plus 50 bps, subject to floor of 0%, reset and payable monthly
Price:	Par
Yield:	SOFR plus 50 bps
Cusip:	89236TLF0
2025 notes
Amount:	$575 million
Maturity:	June 9, 2025
Coupon:	SOFR plus 60 bps, subject to floor of 0%, reset and payable monthly
Price:	Par
Yield:	SOFR plus 60 bps
Cusip:	89236TLG8

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