By Angela McDaniels
Tacoma, Wash., March 13 – Toyota Motor Credit Corp. priced $25 million of fixed-rate step-up callable notes due March 20, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% in years one through six, 3.5% in years seven through 11, 4% in year 12, 4.5% in year 13, 6% in year 14 and 10% in year 15. Interest is payable semiannually.
The payout at maturity will be par.
Beginning March 20, 2020, the notes will be callable at par on any interest payment date.
The issuer said it may increase the issue size prior to the settlement date, March 20, but is not required to do so.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Fixed-rate step-up callable notes
|
| Amount: | $25 million
|
| Maturity: | March 20, 2030
|
| Coupon: | 3% in years one through six, 3.5% in years seven through 11, 4% in year 12, 4.5% in year 13, 6% in year 14 and 10% in year 15; payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from March 20, 2020 onward
|
| Pricing date: | March 13
|
| Settlement date: | March 20
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.25%
|
| Cusip: | 89236TCE3
|
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