By Angela McDaniels
Tacoma, Wash., Jan. 26 - Toyota Motor Credit Corp. priced $75 million of fixed-rate step-up callable notes due Jan. 28, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is initially 3%. It will step up to 4% on Jan. 28, 2014, to 4.5% on Jan. 28, 2017, to 5% on Jan. 28, 2020 and to 7% on Jan. 28, 2023. Interest is payable quarterly.
The payout at maturity will be par.
Beginning Jan. 28, 2014, the notes will be callable at par on any interest payment date.
The issuer said it may increase the issue size prior to the settlement date.
Morgan Stanley & Co. Inc. is the underwriter.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Fixed-rate step-up callable notes
|
| Amount: | $75 million
|
| Maturity: | Jan. 28, 2026
|
| Coupon: | 3% for years one through three, 4% for years four through six, 4.5% for years seven through nine, 5% for years 10 through 12 and 7% for years 13 through 15; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from Jan. 28, 2014 onward
|
| Pricing date: | Jan. 25
|
| Settlement date: | Jan. 28
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
| Fees: | 2.25%
|
| Cusip: | 89233P4U7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
