Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.75 billion aggregate principal amount of 2.900% medium-term notes, Series B due 2023, $1.25 billion aggregate principal amount of 3.000% medium-term notes, Series B due 2025 and $1 billion aggregate principal amount of 3.375% medium-term notes, Series B due 2030.

Toyota Motor Credit Corporation provides retail and wholesale financing, retail leasing and certain other financial services to authorized Toyota and Lexus 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 Rachel D. Kleinberg and associate Talya Presser provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices. 

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