Toyota Motor Credit $3 billion 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 2024 linked to compounded SOFR, $1 billion aggregate principal amount of 0.450% medium-term notes, Series B due 2024, $700 million aggregate principal amount of 0.800% medium-term notes, Series B due 2026 and $550 million aggregate principal amount of 1.650% medium-term notes, Series B due 2031.
Toyota Motor Credit Corporation provides a variety of finance and vehicle and payment protection products to authorized Toyota, Lexus and certain other domestic and import vehicle dealers and their customers in the United States (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 Talya Presser provided tax advice. All members of the Davis Polk team are based in the New York office.