We advised the company on the SEC-registered notes offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.25 billion aggregate principal amount of 4.400% medium-term notes, Series B due 2024 and $1 billion aggregate principal amount of 4.550% medium-term notes, Series B due 2027.

Toyota Motor Credit Corporation provides a variety of finance and voluntary vehicle and payment protection products and services to authorized Toyota and Lexus dealers or dealer groups, private label dealers or dealer groups, and to a lesser extent, other domestic and import franchise dealers and their customers in the United States of America (excluding Hawaii) and Puerto Rico. Toyota Motor Credit Corporation is an indirect wholly owned subsidiary of Toyota Motor Corporation of Japan.

The Davis Polk corporate team included partner Christopher Schell, counsel Michael J. Moldowan and associate Lisa Giglio Connor. Partners Lucy W. Farr and Michael Farber and associate Spencer Pan provided tax advice. Members of the Davis Polk team are based in the New York and London offices.