By Susanna Moon
Chicago, March 7 - Toyota Motor Credit Corp. priced $10 million of Constant Maturity Swap (CMS) curve linked accrual notes due March 27, 2028, according to a FWP filing with the Securities and Exchange Commission.
Nomura Securities International, Inc. is the agent.
The notes will bear interest at 10% per year until March 27, 2009.
After that, interest will accrue based on the spread of the 30-year CMS rate over the 10-year CMS rate, provided it is at least 0% and not more than 11%. Interest will be reset and payable semiannually.
The notes are callable in whole, but not in part, at par on any interest payment date beginning on March 27, 2009.
If the notes are not called early, the payout at maturity will be par.
Toyota reserved the right to increase the principal amount before March 27, the settlement date.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | CMS curve linked accrual notes
|
| Amount: | $10 million
|
| Maturity: | March 27, 2028
|
| Interest: | 10% for first year; after that, based on spread of 30-year CMS rate over 10-year CMS rate if at least 0% and less than 11%; reset and payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates from March 27, 2009
|
| Pricing date: | March 13
|
| Settlement date: | March 27
|
| Agent: | Nomura Securities International, Inc.
|
| Fees: | None
|
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