By Marisa Wong
Morgantown, W.Va., April 15 – Toyota Motor Credit Corp. priced $25 million of fixed-rate step-up callable notes due April 26, 2046, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.125% in years one through five, 3.5% in years six through 20 and 4% in years 21 through 30. Interest is payable semiannually.
The payout at maturity will be par.
Beginning April 26, 2021, 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, April 26, but is not required to do so.
Barclays is the agent.
| Issuer: | Toyota Motor Credit Corp.
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| Issue: | Fixed-rate step-up callable notes
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| Amount: | $25 million
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| Maturity: | April 26, 2046
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| Coupon: | 3.125% in years one through five, 3.5% in years six through 20 and 4% in years 21 through 30; payable semiannually
|
| Price: | Par
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| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from April 26, 2021 onward
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| Pricing date: | April 15
|
| Settlement date: | April 26
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 89236TDA0
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