By Aleesia Forni
Virginia Beach, March 9 – Toyota Motor Credit Corp. priced $1.75 billion of senior notes (Aa3/AA-/) on Monday in fixed- and floating-rate tranches due 2020, according to an informed source.
A $500 million tranche of floaters sold at Libor plus 37 basis points.
Guidance was set at the Libor equivalent to the fixed-rate notes.
A $1.25 billion issue of 2.15% notes sold at 52 bps over Treasuries.
The notes were guided in the 55 bps area over Treasuries.
Proceeds will be used for general corporate purposes.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the bookrunners.
The funding arm of auto manufacturer Toyota is based in Torrance, Calif.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Senior notes
|
| Amount: | $1.75 billion
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC
|
| Trade date: | March 9
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
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| Distribution: | SEC-registered
|
|
|
| Five-year floaters
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| Amount: | $500 million
|
| Maturity: | March 12, 2020
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| Coupon: | Libor plus 37 bps
|
| Price talk: | Libor equivalent
|
|
|
| Five-year notes
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| Amount: | $1.25 billion
|
| Maturity: | March 12, 2020
|
| Coupon: | 2.15%
|
| Spread: | 52 bps
|
| Price talk: | 55 bps area
|
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