New Issue: Toyota Motor Credit prices $10 million step-up callable notes with 1.5% initial rate

By Toni Weeks

San Luis Obispo, Calif., July 24 – Toyota Motor Credit Corp. priced $10 million of fixed-rate step-up callable notes due Jan. 30, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

Barclays is the agent.

The interest rate will be 1.5% for the first two years, stepping up to 2% on July 30, 2016, to 2.5% on July 30, 2017, to 3% on July 30, 2018 and to 4% on July 30, 2019. Interest is payable semiannually.

The notes are callable at par on each interest payment date after two years.

The payout at maturity will be par.

Issuer:	Toyota Motor Credit Corp.
Issue:	Fixed-rate step-up callable notes
Amount:	$10 million
Maturity:	Jan. 30, 2020
Coupon:	1.5% initially, stepping up to 2% on July 30, 2016, to 2.5% on July 30, 2017, to 3% on July 30, 2018 and to 4% on July 30, 2019; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on each interest payment date beginning July 30, 2016
Pricing date:	July 24
Settlement date:	July 30
Agent:	Barclays
Fees:	0.25%
Cusip:	89236TBQ7

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