By Angela McDaniels
Seattle, Sept. 20 - Toyota Motor Credit Corp. priced a $10 million issue of CMS curve linked notes due Sept. 28, 2022 via Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will accrue at 10% per year for the first two years. Beginning Sept. 28, 2009, the interest rate will equal 50 times the spread of the 30-year Constant Maturity Swap (CMS) rate over the 10-year CMS rate, with a floor of 0%.
Interest is payable semiannually.
The notes are callable at par on any interest payment date beginning Sept. 28, 2009.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | CMS curve linked notes
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| Amount: | $10 million
|
| Maturity: | Sept. 28, 2022
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| Coupon: | 10% for two years; beginning Sept. 28, 2009, 50 times the spread of the 30-year CMS rate over the 10-year CMS rate; floor of 0%; payable semiannually
|
| Price: | Par
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| Payout at maturity: | Par
|
| Call: | At par on interest payment dates beginning Sept. 28, 2009
|
| Pricing date: | Sept. 20
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| Settlement date: | Sept. 28
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| Agent: | Morgan Stanley & Co. Inc.
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| Fees: | None
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