By William Gullotti
Buffalo, N.Y., Feb. 20 – Toyota Motor Credit Corp. priced $1.75 billion of 5.25% one-year series B floating-rate notes at par (A1/A+/A+) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
Interest will be paid and reset monthly at 30 basis points over SOFR, subject to a floor of 0%.
RBC Capital Markets, LLC and Toyota Financial Services Securities USA Corp. are the agents.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $1.75 billion
|
| Issue: | Floating-rate notes, series B
|
| Maturity: | Feb. 24, 2025
|
| Agents: | RBC Capital Markets, LLC and Toyota Financial Services Securities USA Corp.
|
| Coupon: | SOFR plus 30 bps, floor of 0%; paid and reset monthly
|
| Price: | Par
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| Yield: | SOFR plus 30 bps
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 23
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Fitch: A+
|
| Cusip: | 89236TLT0
|
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