New Issue: Toyota Motor Credit prices $10 million step-up callable notes with 3% initial rate

By Jennifer Chiou

New York, Jan. 10 - Toyota Motor Credit Corp. priced $10 million of fixed-rate step-up callable notes due Jan. 25, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

Barclays Capital Inc. is the agent.

The interest rate will be 3% for 12 years. It will step up to 4% on Jan. 25, 2025, to 5% on Jan. 25, 2029 and to 6% on Jan. 25, 2031. Interest is payable semiannually.

The notes are callable at par on each interest payment date beginning on Jan. 25, 2018.

The payout at maturity will be par.

Issuer:	Toyota Motor Credit Corp.
Issue:	Fixed-rate step-up callable notes
Amount:	$10 million
Maturity:	Jan. 25, 2033
Coupon:	3% initially, stepping up to 4% on Jan. 25, 2025, to 5% on Jan. 25, 2029 and to 6% on Jan. 25, 2031; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on each interest payment date beginning on Jan. 25, 2018
Pricing dates:	Jan. 10
Settlement date:	Jan. 25
Agent:	Barclays Capital Inc.
Fees:	3%
Cusip:	89233P7G5

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