Toyota Motor Credit $2.5 billion notes offering
Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1 billion aggregate principal amount of 0.625% medium-term notes, Series B due 2024, $600 million aggregate principal amount of floating-rate medium-term notes, Series B due 2024 linked to compounded SOFR, $400 million aggregate principal amount reopening of 1.125% medium-term notes, Series B due 2026 (the “5-Year Notes”) and $500 million aggregate principal amount of 1.900% medium-term notes, Series B due 2031. The 5-Year Notes issued in the reopening have the same terms as, and constitute a single series with, the $600 million in principal amount of the 1.125% medium-term notes, Series B due June 2026 issued on June 18, 2021.
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 Nicholas A. Kronfeld, counsel Michael J. Moldowan and associate Crystal Jen. Partners Lucy W. Farr and Michael Farber and associate Jacob M. Donnelly provided tax advice. All members of the Davis Polk team are based in the New York office.