By Laura Lutz
Des Moines, July 20 - Toyota Motor Credit Corp. priced a $10 million issue of Constant Maturity Swap (CMS) curve-linked notes due Aug. 1, 2022, according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at 10% per year through July 31, 2008.
After July 31, 2008, the interest rate will be equal to 25 times the spread of the 30-year CMS rate over the two-year CMS rate, with a floor of 0%.
Interest will be payable quarterly.
The notes are callable in whole, but not in part, at par on any interest payment date beginning Aug. 1, 2008.
Morgan Stanley & Co. Inc. is the agent
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Constant Maturity Swap curve notes, medium-term notes series AIG-FP
|
| Amount: | $10 million
|
| Maturity: | Aug. 1, 2022
|
| Interest: | 10% until July 31, 2008; then 25 times the spread of the 30-year CMS rate over the two-year CMS rate; floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from Aug. 1, 2008
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 1
|
| Agent: | Morgan Stanley & Co. Inc.
|
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