By Devika Patel
Knoxville, Tenn., Jan. 9 – Toyota Motor Credit Corp. offered further details about a $2.5 billion issue of notes (Aa3/AA-/) that priced in five tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $400 million of two-year floaters at Libor plus 10 basis points. These notes priced at par.
There was $750 million of 2.2% two-year fixed-rate notes that priced at a spread of Treasuries plus 29 bps. These notes priced at 99.911 to yield 2.246%.
It priced $250 million of five-year floaters at Libor plus 39 bps. These notes priced at par.
Toyota sold $600 million of 2.7% five-year fixed-rate notes with a spread of 43 bps over Treasuries. These notes priced at 99.944 to yield 2.712%.
The company sold $500 million of 3.05% 10-year notes with a spread of 60 bps over Treasuries. These notes priced at 99.778 to yield 3.076%.
BofA Merrill Lynch, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SG Americas Securities LLC were the bookrunners.
Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.
| Issuer: | Toyota Motor Credit Corp.
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SG Americas Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Commerzbank Capital Markets Corp., Credit Agricole Securities (USA) Inc., Drexel Hamilton, LLC, Siebert Cisneros Shank & Co., LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 11
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
|
|
| Two-year floaters
|
| Amount: | $400 million
|
| Maturity: | Jan. 10, 2020
|
| Coupon: | Libor plus 10 bps
|
| Price: | Par
|
|
|
| Two-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 10, 2020
|
| Coupon: | 2.2%
|
| Price: | 99.911
|
| Yield: | 2.246%
|
| Spread: | Treasuries plus 29 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 10 bps and a par call
|
|
|
| Five-year floaters
|
| Amount: | $250 million
|
| Maturity: | Jan. 11, 2023
|
| Coupon: | Libor plus 39 bps
|
| Price: | Par
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Jan. 11, 2023
|
| Coupon: | 2.7%
|
| Price: | 99.944
|
| Yield: | 2.712%
|
| Spread: | Treasuries plus 43 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 7.5 bps and a par call
|
|
|
| Ten-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 11, 2028
|
| Coupon: | 3.05%
|
| Price: | 99.778
|
| Yield: | 3.076%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 10 bps and a par call
|
|
|
|
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