New Issue: Toyota Motor Credit prices $2.25 billion of medium-term notes in three tranches

By Cristal Cody

Tupelo, Miss., April 10 – Toyota Motor Credit Corp. priced $2.25 billion of medium-term notes (Aa3/AA-/A) in three tranches on Tuesday, according to FWP filings with the Securities and Exchange Commission.

The company sold $750 million of three-year floaters at par to yield Libor plus 28 basis points.

Toyota priced $250 million of 2.95% three-year fixed-rate notes at 99.96 to yield 2.964%, or a spread of Treasuries plus 52 bps.

The company sold $500 million of 3.4% seven-year notes at 99.759 to yield 3.439%. The notes priced with a spread of 70 bps over Treasuries.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and TD Securities (USA) 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:	$2.25 billion
Description:	Series B medium-term notes
Bookrunners:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC
Co-managers:	Academy Securities, Inc., ANZ Securities, Inc., Fifth Third Securities, Inc., Guzman & Co., Loop Capital Markets LLC and U.S. Bancorp Investments, Inc.
Trade date:	April 10
Settlement date:	April 13
Ratings:	Moody’s: Aa3
	S&P: AA-
	Fitch: A
Distribution:	SEC registered
Three-year floaters
Amount:	$750 million
Description:	Floating-rate medium-term notes
Maturity:	April 13, 2021
Coupon:	Libor plus 28 bps
Price:	Par
Yield:	Libor plus 28 bps
Call feature:	Non-callable
Three-year notes
Amount:	$1 billion
Description:	Fixed-rate medium-term notes
Maturity:	April 13, 2021
Coupon:	2.95%
Price:	99.96
Yield:	2.964%
Spread:	Treasuries plus 52 bps
Call feature:	Non-callable
Seven-year notes
Amount:	$500 million
Description:	Fixed-rate medium-term notes
Maturity:	April 14, 2025
Coupon:	3.4%
Price:	99.759
Yield:	3.439%
Spread:	Treasuries plus 70 bps
Call feature:	Make-whole call at greater of par and Treasuries plus 15 bps

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