Toyota $2.75 billion senior notes offering
Davis Polk advised the joint bookrunners and joint lead managers in connection with an SEC-registered takedown offering of senior notes by Toyota Motor Corporation, which consisted of $1.25 billion aggregate principal amount of 0.681% senior notes due 2024, $1 billion aggregate principal amount of 1.339% senior notes due 2026 and $500 million aggregate principal amount of 2.362% senior notes due 2031. The net proceeds of the notes will be allocated to new or existing Eligible Projects as defined under Toyota’s “Woven Planet Bond Framework (Sustainability Bond Framework).” This was Toyota’s inaugural U.S. dollar sustainability bond issuance.
Toyota is a leading global producer of automobiles based in Japan. The company sells its vehicles, which include the Toyota and Lexus brands, in approximately 190 countries and regions, with primary markets in Japan, North America, Europe and Asia. Toyota also provides related financial services to dealers and their customers through Toyota Motor Credit Corporation and Toyota Financial Services. Toyota originally commenced business in 1933 as the automobile division of Toyota Industries Corporation and became a separate company in 1937.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.