By Laura Lutz
Des Moines, April 25 - Toyota Motor Credit Corp. priced $10 million of Constant Maturity Swap (CMS) curve linked accrual notes due May 7, 2023, according to an FWP filing with the Securities and Exchange Commission.
Lehman Brothers Inc. is the underwriter.
Interest will accrue at 10% for the first year.
Beginning on May 7, 2009, interest will accrue at 10 times the spread of the 30-year CMS rate over the two-year CMS rate, subject to a floor of 0% and a maximum of 12% per year.
Interest will be reset and payable quarterly.
The notes are callable in whole, but not in part, at par on any interest payment date beginning on May 7, 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 May 7, the settlement date.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | CMS curve linked accrual notes
|
| Amount: | $10 million
|
| Maturity: | May 7, 2023
|
| Interest: | 10% for first year; beginning May 7, 2009, 10 times spread of 30-year CMS rate over two-year CMS rate, subject to floor of 0% and maximum of 12% per year; reset and payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | On interest payment dates from May 7, 2009 onward
|
| Pricing date: | April 24
|
| Settlement date: | May 7
|
| Underwriter: | Lehman Brothers Inc.
|
| Fees: | None
|
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