We advised Toyota Motor Credit on the SEC-registered notes offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $750 million aggregate principal amount of floating-rate medium-term notes, Series B due 2026 linked to compounded SOFR, $750 million aggregate principal amount of 5.200% medium-term notes, Series B due 2026 and $1 billion aggregate principal amount of 5.050% medium-term notes, Series B due 2029.

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 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 S. Schell, counsel Michael J. Moldowan and associates Lisa Giglio Connor and Maria Vlachou. Partner Kara L. Mungovan, counsel Yixuan Long and associates Spencer Pan and Alex Ang Gao provided tax advice. All members of the Davis Polk team are based in the New York office.