By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., March 19 – Toyota Motor Credit Corp. (A1/A+/A+) sold $2.25 billion of series B notes on Monday via concurrent offerings, according to separate term sheets filed with the Securities and Exchange Commission and details from a market source.
A $450 million tranche of series B floating-rate medium-term notes due 2027 priced at par with a coupon of SOFR plus 65 basis points, with a 0% floor, reset quarterly.
Toyota priced a $900 million tranche of 5% medium-term notes, series B, due 2027 at 99.879 to yield 5.044%, or Treasuries plus 52 bps. Price talk was in the Treasuries plus 75 bps area.
Finally, a $900 million tranche of 5.1% medium-term notes, series B, due 2031 priced at 99.971 to yield 5.105%, or a spread of 75 bps over Treasuries, versus spread talk in the 100 bps area.
HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC are the joint bookrunning managers for the SEC-registered offerings.
Toyota Motor Credit is the U.S. financing arm of the Aichi, Japan-based automotive manufacturer.
| Issuer: | Toyota Motor Credit Corp.
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| Amount: | $2.25 billion
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| Bookrunners: | HSBC Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and TD Securities (USA) LLC
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| Co-managers: | Banco Bradesco BBI SA, Intesa Sanpaolo IMI Securities Corp., UniCredit Capital Markets LLC, U.S. Bancorp Investments, Inc., Academy Securities, Inc. and Penserra Securities LLC
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| Trade date: | March 18
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| Settlement date: | March 21
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| Distribution: | SEC registered
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| 2027 floaters
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| Amount: | $450 million
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| Issue: | Floating-rate medium-term notes, series B
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| Maturity: | March 19, 2027
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| Coupon: | SOFR plus 65 bps
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| Price: | Par
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| Yield: | SOFR plus 65 bps
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| Price talk: | SOFR plus equivalent
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| Cusip: | 89236TMA0
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|
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| 2027 notes
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| Amount: | $900 million
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| Issue: | Fixed-rate medium-term notes, series B
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| Maturity: | March 19, 2027
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| Coupon: | 5%
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| Price: | 99.879
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| Yield: | 5.044%
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| Spread: | Treasuries plus 52 bps
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| Price talk: | Treasuries plus 75 bps area
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| Cusip: | 89236TLY9
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| 2031 notes
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| Amount: | $900 million
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| Issue: | Fixed-rate medium-term notes, series B
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| Maturity: | March 21, 2031
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| Coupon: | 5.1%
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| Price: | 99.971
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| Yield: | 5.105%
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| Spread: | Treasuries plus 75 bps
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| Call: | Make-whole at Treasuries plus 15 bps
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| Price talk: | Treasuries plus 100 bps area
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| Cusip: | 89236TLZ6
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