Toyota Motor Credit Corporation’s $2.50 Billion Notes Offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering.

Toyota Motor Credit Corporation completed an offering of $1.10 billion aggregate principal amount of floating-rate medium-term notes, Series B due 2021, $650 million aggregate principal amount of 1.800% medium-term notes, Series B due 2025 and a “Green Bond” offering of $750 million aggregate principal amount of 2.150% medium-term notes, Series B due 2030.

The net proceeds of the Green Bond will be allocated toward acquiring, in whole or in part, new retail installment sales contracts and operating lease contracts financing eligible models pursuant to Toyota Motor Credit Corporation’s Green Bond Framework.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, CIBC World Markets Corp., Lloyds Securities Inc., RBC Capital Markets, LLC, SG Americas Securities, LLC, Banco Bradesco BBI S.A., CastleOak Securities, L.P., R. Seelaus & Co., LLC acted as underwriters for the offering.

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 (Picture), counsel Michael J. Moldowan and associate Crystal Jen. Partners Lucy W. Farr and Rachel D. Kleinberg and associates Summer Xia and Talya Presser provided tax advice.

Involved fees earner: Lucy Farr – Davis Polk & Wardwell; Crystal Jen – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Nicholas Kronfeld – Davis Polk & Wardwell; Michael Moldowan – Davis Polk & Wardwell; Talya Presser – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Toyota Motor Credit Corporation;

Author: Ambrogio Visconti