By Andrea Heisinger
New York, May 14 - Toyota Motor Credit Corp. sold an upsized $1.5 billion of three-year medium-term notes (Aa3/AA-/) in two tranches, a market source said Tuesday.
The offering size was initially $1 billion.
A $750 million tranche of three-year floating-rate notes priced at par to yield Libor plus 29 basis points.
The second part was $750 million of 0.8% three-year notes sold at 99.959 to yield 0.814% with a spread of Treasuries plus 42 bps.
Both tranches are non-callable.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and RBS Securities Inc. were the bookrunners.
The funding arm of Toyota is based in Torrance, Calif.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Medium-term notes
|
| Amount: | $1.5 billion, upsized from $1 billion
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-managers: | Apto Partners LLC, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Muriel Siebert & Co. Inc., SMBC Nikko Capital Markets Ltd.
|
| Trade date: | May 14
|
| Settlement date: | May 17
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | May 17, 2016
|
| Coupon: | Libor plus 29 bps
|
| Price: | Par
|
| Yield: | Libor plus 29 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $750 million
|
| Maturity: | May 17, 2016
|
| Coupon: | 0.8%
|
| Price: | 99.959
|
| Yield: | 0.814%
|
| Spread: | Treasuries plus 42 bps
|
| Call: | Non-callable
|
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