By Jennifer Chiou
New York, Jan. 28 - Toyota Motor Credit Corp. priced $16.1 million of Constant Maturity Swap (CMS) curve-linked notes due Feb. 1, 2023, according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. Inc. is the underwriter.
Interest will accrue at 7.5% per year for the first three years. Thereafter, the interest rate will be 7.5% times the proportion of days that the 30-year CMS rate over the 10-year CMS rate is greater than or equal to 0%, subject to a floor of 0%. The interest rate will be reset quarterly.
Interest will be payable quarterly.
The notes are callable in whole, but not in part, at par on any interest payment date from Feb. 1, 2011.
If they are not called early, the payout at maturity will be par.
Toyota reserved the right to further increase the principal amount before Feb. 1, the settlement date.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Constant Maturity Swap curve-linked notes
|
| Amount: | $16.1 million
|
| Maturity: | Feb. 1, 2023
|
| Interest: | 7.5% through Feb. 1, 2011; thereafter, 7.5% times the proportion of days the 30-year CMS rate over 10-years CMS rate is greater than or equal to 0%, subject to floor of 0%, reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At par on interest payment dates from Feb. 1, 2011
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Agent: | Morgan Stanley & Co. Inc.
|
| Fees: | None
|
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