New Issue: Toyota sells $15 million step-up callable notes with 2.25% initial rate

By Sarah Lizee

Olympia, Wash., Jan. 24 – Toyota Motor Credit Corp. priced $15 million of fixed-rate step-up callable notes due Jan. 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The notes initially bear interest at 2.25%, stepping up to 2.375% on Jan. 26, 2019, to 2.625% on Jan. 26, 2020, to 3.25% on Jan. 26, 2021 and to 3.75% on Jan. 26, 2022. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable quarterly in whole at par plus accrued interest beginning Jan. 26, 2019.

The issuer said it may increase the issue size prior to settlement but is not required to do so.

SG Americas Securities, LLC is the agent.

Issuer:	Toyota Motor Credit Corp.
Issue:	Fixed-rate step-up callable notes
Amount:	$15 million (may be increased prior to settlement date)
Maturity:	Jan. 26, 2023
Coupon:	2.25% initially, stepping up to 2.375% on Jan. 26, 2019, to 2.625% on Jan. 26, 2020, to 3.25% on Jan. 26, 2021 and to 3.75% on Jan. 26, 2022; payable semiannually
Price:	Par
Call option:	Quarterly in whole at par plus accrued interest beginning Jan. 26, 2019
Pricing date:	Jan. 23
Settlement date:	Jan. 26
Agent:	SG Americas Securities, LLC
Fees:	0%
Cusip:	89236TER2

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