Toyota Motor Credit plans callable step-up notes with 3% initial rate

By Toni Weeks

San Diego, Oct. 1 - Toyota Motor Credit Corp. plans to price fixed-rate callable step-up notes due Oct. 25, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

The interest rate will be 3% for 10 years. It will step up to 3.25% on Oct. 25, 2022, to 3.5% on Oct. 25, 2024, to 3.75% on Oct. 25, 2026, to 4% on Oct. 25, 2028, to 5% on Oct. 25, 2030 and to 7% on Oct. 25, 2031. Interest is payable quarterly.

The notes are callable at par on each interest payment date beginning Oct. 25, 2017.

The payout at maturity will be par.

The notes (Cusip: 89233P6R2) are expected to settle Oct. 25.

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