By Sarah Lizee
Olympia, Wash., July 20 – Toyota Motor Credit Corp. priced $25 million of fixed-to-floating notes due July 26, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% initially. Beginning July 26, 2019, interest will accrue at Libor plus 45 basis points, up to a maximum interest rate of 5%. Interest is payable quarterly and cannot be less than zero.
The notes are non-callable.
Citigroup Global Markets Inc. is the agent.
The issuer said it may increase the principal amount prior to the settlement date, July 26, but is not required to do so.
| Issuer: | Toyota Motor Credit Corp.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $25 million
|
| Maturity: | July 26, 2023
|
| Coupon: | 3% initially; beginning July 26, 2019, Libor plus 45 bps, up to a maximum interest rate of 5%, floor of 0%; payable quarterly
|
| Price: | Par
|
| Call option: | Non-callable
|
| Pricing date: | July 19
|
| Settlement date: | July 26
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 89236TFJ9
|
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