New Issue: Toyota Motor Credit prices $15 million step-up callable notes with 2.75% initial rate

By Toni Weeks

San Diego, Jan. 25 - Toyota Motor Credit Corp. priced $15 million of fixed-rate step-up callable notes due Feb. 5, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC is the agent.

The interest rate will be 2.75% for the first seven years. It will step up to 3% on Feb. 5, 2020, to 4% on Feb. 5, 2024, to 5% on Feb. 5, 2026 and to 6% on Feb. 5, 2027. Interest is payable semiannually.

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 step-up callable notes
Amount:	$15 million
Maturity:	Feb. 5, 2028
Coupon:	2.75% initially, stepping up to 3% on Feb. 5, 2020, to 4% on Feb. 5, 2024, to 5% on Feb. 5, 2026 and to 6% on Feb. 5, 2027; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on each interest payment date beginning Feb. 8, 2018
Pricing date:	Jan. 25
Settlement date:	Feb. 5
Agent:	Morgan Stanley & Co. LLC
Fees:	1.25%
Cusip:	89233P7K6

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