By Laura Lutz
Des Moines, Sept. 12 - Toyota Motor Credit Corp. upsized an issue of Constant Maturity Swap (CMS) linked accrual notes due Sept. 12, 2027 to $15.1 million, according to a 424B3 filing with the Securities and Exchange Commission.
Nomura Securities International, Inc. is the underwriter.
The notes originally priced on Aug. 22 in the principal amount of $10 million.
Interest will accrue at 9% per year through Sept. 12, 2009.
After Sept. 12, 2009, the interest rate will be equal to 9% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the 10-year CMS rate is greater than or equal to zero.
Interest is payable semiannually, in March and September.
The notes are callable in whole, but not in part, at par on any interest payment date from Sept. 12, 2008 to March 12, 2027.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Constant Maturity Swap linked accrual medium-term notes, series B
|
| Amount: | $15.1 million, upsized from $10 million
|
| Maturity: | Sept. 12, 2027
|
| Interest: | 9% until Sept. 12, 2009; after that, 9% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the 10-year CMS rate is greater than or equal to zero; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from Sept. 12, 2008 to March 12, 2027
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 12
|
| Underwriter: | Nomura Securities International, Inc.
|
| Fees: | None
|
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