Toyota Motor Credit’s $2.6 Billion Notes Offering

Davis Polk advised Toyota Motor Credit Corporation in the offering.

Toyota Motor Credit Corporation announced the offering of $300 million aggregate principal amount of floating-rate medium-term notes, Series B due 2025 linked to compounded SOFR, $1.15 billion aggregate principal amount of 1.450% medium-term notes, Series B due 2025, $750 million aggregate principal amount of 1.900% medium-term notes, Series B due 2027 and $400 million aggregate principal amount of 2.400% medium-term notes, Series B due 2032.

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 Christopher S. Schell (Picture), counsel Michael J. Moldowan and associates Crystal Jen and Lisa Giglio Connor. Partners Lucy W. Farr and Michael Farber and associates Jacob M. Donnelly and Spencer Pan provided tax advice. 

Involved fees earner: Jacob Donnelly – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Lisa Giglio Connor – Davis Polk & Wardwell; Crystal Jen – Davis Polk & Wardwell; Michael Moldowan – Davis Polk & Wardwell; Spencer Pan – Davis Polk & Wardwell; Christopher Schell – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Toyota Motor Credit Corporation;