New Issue: Morgan Stanley sells $20 million more callable step-up notes for Toyota

By Susanna Moon

Chicago, Oct. 23 - Toyota Motor Credit Corp. upsized the fixed-rate callable step-up notes due Oct. 25, 2032 to $60 million, according to a 424B2 filing with the Securities and Exchange Commission.

The issuer priced $40 million notes on Oct. 9 and sold another $20 million notes on Oct. 22.

Morgan Stanley & Co. LLC is the agent.

The coupon will be 3% for the first 10 years. After that, 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 after five years.

The payout at maturity will be par.

Issuer:	Toyota Motor Credit Corp.
Issue:	Fixed-rate callable step-up notes
Amount:	$60 million, up from $40 million
Maturity:	Oct. 25, 2032
Coupon:	3% initially, stepping 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; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on each interest payment date beginning Oct. 25, 2017
Pricing dates:	Oct. 9 for $40 million, Oct. 22 for $20 million
Settlement date:	Oct. 25
Agent:	Morgan Stanley & Co. LLC
Fees:	2%
Cusip:	89233P6R2

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