Published on 1/24/2018 in the Prospect News Structured Products Daily.
New Issue: Toyota Motor Credit sells $25 million five-year fixed-to-floating notes
By Sarah Lizee
Olympia, Wash., Jan. 24 – Toyota Motor Credit Corp. priced $25 million of fixed- to floating-rate notes due Jan. 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.75% initially. Beginning Jan. 26, 2021, the rate will switch to Libor plus 20 basis points, payable quarterly with a floor of zero.
The notes are non-callable.
The issuer said it may increase the issue size prior to settlement but is not required to do so.
Barclays is the agent.
| Issuer: | Toyota Motor Credit Corp.
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| Issue: | Fixed- to floating-rate notes
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| Amount: | $25 million (may be increased prior to settlement date)
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| Maturity: | Jan. 26, 2023
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| Coupon: | 2.75% initially; from Jan. 26, 2021, Libor plus 20 bps, floor of zero; payable quarterly
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| Price: | Par
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| Call option: | Non-callable
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| Pricing date: | Jan. 23
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| Settlement date: | Jan. 26
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| Agent: | Barclays
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| Fees: | 0.43%
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| Cusip: | 89236TES0
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