New Issue: Morgan Stanley sells $25 million fixed-rate step-up notes for Toyota

By Susanna Moon

Chicago, Oct. 27 - Toyota Motor Credit Corp. priced $25 million of fixed-rate step-up securities due Oct. 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% for the first four years, stepping up to 3.5% on Oct. 28, 2015, to 4% on Oct. 28, 2019, to 5% on Oct. 28, 2023 and to 7% on Oct. 28, 2027. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par plus accrued interest on any quarterly redemption date after five years.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Toyota Motor Credit Corp.
Issue:	Fixed-rate step-up securities
Amount:	$25 million
Maturity:	Oct. 28, 2031
Coupon:	3% initially, stepping up to 3.5% on Oct. 28, 2015, to 4% on Oct. 28, 2019, to 5% on Oct. 28, 2023 and to 7% on Oct. 28, 2027; payable semiannually
Call:	At par on any quarterly redemption date beginning Oct. 28, 2016
Price:	Variable
Payout at maturity:	Par
Pricing date:	Oct. 25
Settlement date:	Oct. 28
Agent:	Morgan Stanley & Co. LLC
Fees:	2.25%
Cusip:	89233P5G7

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