By Laura Lutz
Des Moines, Feb. 7 - Toyota Motor Credit Corp. priced $10 million of Constant Maturity Swap (CMS) curve linked accrual notes due Feb. 21, 2028, according to an FWP filing with the Securities and Exchange Commission.
Nomura Securities International, Inc. is the agent.
For the first 18 months, interest will accrue at a rate of 8.25% per year. After that, the interest rate will be a base rate times the proportion of calendar days on which the spread of 30-year CMS rate over the 10-year CMS rate is at least 0%.
The spread will be determined five business days before the end of each interest period.
The base rate will be 8.25% during the first 10 years, 9.5% during the next eight years and 14% during the last two years.
Interest will be payable semi-annually.
The notes are callable in whole, but not in part, at par on any interest payment date beginning on Feb. 21, 2009.
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. 21, the settlement date.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | CMS curve linked accrual medium-term notes, series B
|
| Amount: | $10 million
|
| Maturity: | Feb. 21, 2028
|
| Interest: | 8.25% for first 18 months; thereafter, base rate times proportion of days on which spread of 30-year CMS rate over 10-year CMS rate is at least 0%; base rate is 8.25% during first 10 years, 9.5% during next eight years and 14% during last two years
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from Feb. 21, 2009
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 21
|
| Agent: | Nomura Securities International, Inc.
|
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