0000950103-14-000302.txt : 20140116 0000950103-14-000302.hdr.sgml : 20140116 20140115193333 ACCESSION NUMBER: 0000950103-14-000302 CONFORMED SUBMISSION TYPE: 424B5 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140116 DATE AS OF CHANGE: 20140115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOYOTA MOTOR CREDIT CORP CENTRAL INDEX KEY: 0000834071 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 953775816 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-179826 FILM NUMBER: 14530762 BUSINESS ADDRESS: STREET 1: 19001 S. WESTERN AVENUE CITY: TORRANCE STATE: CA ZIP: 90509 BUSINESS PHONE: (310) 468-1310 MAIL ADDRESS: STREET 1: 19001 S. WESTERN AVENUE CITY: TORRANCE STATE: CA ZIP: 90509 424B5 1 dp43194_424b5-omm.htm FORM 424B5
PRICING SUPPLEMENT
(To Prospectus dated March 1, 2012 and
Prospectus Supplement dated March 2, 2012)
 
This filing is made pursuant to Rule 424(b)(5) under the Securities Act of 1933 in connection with Registration No. 333-179826.
$1,250,000,000
$1,000,000,000 2.100% Medium-Term Notes, Series B, due January 17, 2019
$250,000,000 Floating Rate Medium-Term Notes, Series B, due January 17, 2019
 

 
We are offering $1,000,000,000 aggregate principal amount of 2.100% Medium-Term Notes, Series B due January 17, 2019  (the “2019 Notes”) and $250,000,000 aggregate principal amount of Floating Rate Medium-Term Notes, Series B due January 17, 2019 (the “2019 Floating Rate Notes,” and together with the 2019 Notes, the “Notes”). The Notes will be our general unsecured obligations and will rank equally with all of our existing and future unsecured and unsubordinated indebtedness. We will pay interest on the 2019 Notes on January 17 and July 17 of each year and on the maturity date. We will pay interest on the 2019 Floating Rate Notes on January 17, April 17, July 17, and October 17 of each year and on the maturity date. The first such payment on the 2019 Notes will be on July 17, 2014 and the first such payment on the 2019 Floating Rate Notes will be on April 17, 2014.
 
We may redeem some or all of the 2019 Notes at any time at our option at the applicable redemption price set forth in this pricing supplement under “Description of the Notes—Optional Redemption.”  The 2019 Floating Rate Notes will not be redeemable before their maturity.
 
Investing in the Notes involves a number of risks.  See the risks described in “Risk Factors” on page S-1 of the Prospectus Supplement.

   
2019 Notes
   
2019 Floating Rate Notes
 
   
Per Note
   
Total
   
Per Note
   
Total
 
Public offering price(1)
    99.915 %   $ 999,150,000       100.000 %   $ 250,000,000  
Underwriting discount
    0.350 %   $ 3,500,000       0.350 %   $ 875,000  
Proceeds, before expenses, to the Company
    99.565 %   $ 995,650,000       99.650 %   $ 249,125,000  
____________________
(1) Plus accrued interest, if any, from January 17, 2014, if settlement occurs after that date.
 
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities, or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
 
The Notes will be ready for delivery in book-entry form only through The Depository Trust Company, and its direct and indirect participants, including Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, on or about January 17,  2014.
 

 
 
Joint Book-Running Managers
Barclays                                                        BofA Merrill Lynch                               Deutsche Bank Securities
 
Co-Managers
Guzman & Company
                             Mitsubishi UFJ Securities
                                                                 Mizuho Securities
                                                                                          SMBC Nikko

 
The date of this pricing supplement is January 14,  2014.
 
 
 

 
We have not authorized any person to provide you any information other than that contained or incorporated by reference in this pricing supplement, the accompanying prospectus supplement and the accompanying prospectus. We take no responsibility for, and can provide no assurance as to, any other information that others may give you. We are not making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this pricing supplement or the accompanying prospectus supplement and prospectus is accurate as of any date other than the date on the front of this pricing supplement.
 
TABLE OF CONTENTS
 
Pricing Supplement
 
Page
 
Description of the Notes 
PS-1 
Underwriting 
PS-5 
 

Prospectus Supplement
   
Risk Factors
S-1
Description of the Notes
S-5
Use of Proceeds
S-29
Ratio of Earnings to Fixed Charges
S-29
United States Federal Income Taxation
S-30
Plan of Distribution (Conflicts of Interest)
S-42
   
Prospectus
   
About this Prospectus
1
Risk Factors
1
Where You Can Find More Information
1
Incorporation of Information Filed with the SEC
1
Toyota Motor Credit Corporation
2
Description of Debt Securities
3
Legal Matters
9
Experts
9
 

 
 
In this pricing supplement, the “Company,” “TMCC,” “we,” “us” and “our” refer specifically to Toyota Motor Credit Corporation. TMCC is the issuer of all of the notes offered under this pricing supplement.  Capitalized terms used in this pricing supplement which are not defined in this pricing supplement and are defined in the prospectus supplement shall have the meanings assigned to them in the prospectus supplement.
 

 

 
 

 
 
DESCRIPTION OF THE NOTES
 
General
 
We provide information to you about the Notes in three separate documents:
 
 
·
this pricing supplement which specifically describes the Notes being offered;
 
·
the accompanying prospectus supplement which describes the Company’s Medium-Term Notes, Series B; and
 
·
the accompanying prospectus which describes generally the debt securities of the Company.
 
This description supplements, and, to the extent inconsistent, supersedes, the description of the general terms and provisions of the debt securities found in the accompanying prospectus and the Company’s Medium-Term Notes, Series B described in the accompanying prospectus supplement.
 
Terms of the Notes
 
The Notes:
 
 
·
will be our unsecured general obligations,
 
·
will rank equally with all our other unsecured and unsubordinated indebtedness from time to time outstanding,
 
·
will be considered part of the same series of notes as any of our other Medium-Term Notes, Series B previously issued or issued in the future,
 
·
will not be subject to mandatory redemption or repayment at your option,
 
·
will be issued in minimum denominations of $2,000 and integral multiples of $1,000 above that amount, and
 
·
will be denominated in U.S. dollars.
 
The 2019 Notes
 
The following description is a summary of certain provisions of the 2019 Notes:
 
Principal Amount: $1,000,000,000
 
Trade Date: January 14, 2014
 
Original Issue Date: January 17, 2014
 
Stated Maturity Date: January 17, 2019
 
Interest: 2.100% per annum from January 17, 2014
 
Interest Payment Dates: Each January 17 and July 17, beginning on July 17, 2014 and ending on the Stated Maturity Date
 
Day Count Convention: 30/360
 
Business Day Convention: Following, unadjusted
 
Calculation Agent:  Deutsche Bank Trust Company Americas
 
CUSIP / ISIN: 89236TBB0 / US89236TBB08
 

 
PS-1

 
 
The 2019 Floating Rate Notes
 
The following description is a summary of certain provisions of the 2019 Floating Rate Notes:
 
Principal Amount: $250,000,000
 
Trade Date: January 14, 2014
 
Original Issue Date: January 17, 2014
 
Stated Maturity Date: January 17, 2019
 
Interest Calculation: Regular Floating Rate Note
 
Interest Rate Basis: LIBOR
 
Designated LIBOR Page: Reuters
 
Index Maturity: 3 months
 
Initial Interest Rate: The initial interest rate will be based on 3 month LIBOR determined on January 15, 2014 plus the Floating Rate Spread, accruing from January 17, 2014
 
Initial Interest Reset Date: January 17, 2014
 
Interest Reset Dates: Each Interest Payment Date
 
Interest Reset Period: Quarterly
 
Interest Determination Date: The second London Banking Day preceding each Interest Reset Date.
 
Interest Payment Dates: Each January 17, April 17, July 17 and October 17, beginning on April 17, 2014 and ending on the Stated Maturity Date
 
Floating Rate Spread: +0.39%
 
Index Currency: U.S. Dollars
 
Day Count Convention: Actual/360
 
Business Day Convention: Modified Following, adjusted
 
Calculation Agent:  Deutsche Bank Trust Company Americas
 
CUSIP / ISIN: 89236TBC8 / US89236TBC80
 
 
PS-2

 
Optional Redemption
 
The 2019 Floating Rate Notes are not subject to optional redemption.
 
The 2019 Notes will be redeemable before their maturity, in whole or in part, at our option at any time, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of the 2019 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2019 Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption.
 
“Comparable Treasury Issue” means, with respect to the 2019 Notes, the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 2019 Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such 2019 Notes.
 
Comparable Treasury Price” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Calculation Agent obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations.
 
Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Calculation Agent after consultation with us.
 
Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank Securities Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective affiliates and two other primary U.S. Government securities dealer selected by us; provided, however, that if any of the foregoing or their affiliates cease to be a primary U.S. Government securities dealer in the United States, we will substitute another nationally recognized investment banking firm that is a primary U.S. Government securities dealer.
 
Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Calculation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Calculation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such redemption date.
 
Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
 
Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of 2019 Notes to be redeemed.  Unless we default in payment of the redemption price, on and after the redemption date interest will cease to accrue on the 2019 Notes or portions thereof called for redemption.
 
Further Issues
 
We may from time to time, without notice to or the consent of the registered holders of the Notes, create and issue additional notes having the same ranking, interest rate basis, number of basis points to be added to or subtracted from the related interest rate basis, maturity and other terms as the Notes, as applicable, except for (1) the issue date, (2) the issue price and (3) the first interest payment date. Additional notes will be considered part of the same series of notes as the Notes and any of our other Medium-Term Notes, Series B previously issued or issued in the future. We also may from time to time, without notice to or the consent of the registered holders of the Notes, create and issue additional debt securities under the indenture ranking equally with the Notes and our other Medium-Term Notes, Series B.

 
Book-Entry Notes and Form
 
Each tranche of the Notes will be issued in the form of one or more fully registered global notes (the “Global Notes”) which will be deposited with, or on behalf of, The Depository Trust Company, New York, New York (the
 
 
PS-3

 
“Depository”) and registered in the name of Cede & Co., the Depository’s nominee. Notes in definitive form will not be issued, unless the Depository discontinues providing its services as depository with respect to the Global Notes at any time and a successor depository is not obtained or unless we so determine in our sole discretion. Beneficial interests in the Global Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in the Depository, including Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme.
 
 
 
PS-4

 
 
UNDERWRITING
 
Under the terms and subject to the conditions set forth in a terms agreement dated January 14, 2014 (the “Terms Agreement”), between us and the underwriters named below (the “Underwriters”), incorporating the terms of a distribution agreement dated as of March 2, 2012, between us and the agents named in the prospectus supplement (the “Distribution Agreement”), we have agreed to sell to the Underwriters, and the Underwriters have severally and not jointly agreed to purchase, as principals, the respective principal amounts of the Notes set forth below opposite their names.

Purchaser
 
Principal Amount of the 2019 Notes
   
Principal Amount of the 2019 Floating Rate Notes
 
Barclays Capital Inc.
  $ 250,000,000     $ 62,500,000  
Deutsche Bank Securities Inc.
    250,000,000       62,500,000  
Merrill Lynch, Pierce, Fenner & Smith Incorporated
    250,000,000       62,500,000  
Mitsubishi UFJ Securities (USA), Inc.
    80,000,000       20,000,000  
Mizuho Securities USA Inc.
    80,000,000       20,000,000  
SMBC Nikko Securities America, Inc.
    80,000,000       20,000,000  
Guzman & Company
    10,000,000       2,500,000  
Total
  $ 1,000,000,000     $ 250,000,000  

 
The Notes will not have an established trading market when issued. The Underwriters may from time to time make a market in the Notes but are not obligated to do so and may cease at any time. Neither we nor the Underwriters can assure you that any trading market for the Notes will be liquid.
 
The Notes sold by the Underwriters to the public will initially be offered at the applicable public offering prices set forth on the cover page of this pricing supplement. Any Notes sold by the Underwriters to dealers may be sold at the applicable public offering prices less a concession not to exceed 0.200% of the principal amount of the 2019 Notes or the 2019 Floating Rate Notes, as applicable. The Underwriters may allow, and dealers may reallow, a concession not to exceed 0.125% of the principal amount of the 2019 Notes or the 2019 Floating Rate Notes, as applicable, on sales to other dealers. After the initial offering of the Notes to the public, Deutsche Bank Securities Inc., on behalf of the Underwriters, may change the public offering prices and concessions of the Notes.  The offering of the Notes by the Underwriters is subject to receipt and acceptance and subject to the Underwriters’ right to reject any order in whole or in part.
 
In connection with the offering, Barclays Capital Inc., Deutsche Bank Securities Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on behalf of the Underwriters, are permitted to engage in certain transactions that stabilize the prices of the Notes. These transactions may consist of bids or purchases for the purpose of pegging, fixing or maintaining the prices of the Notes. If the Underwriters create a short position in the Notes in connection with the offering by selling more Notes than they have purchased from us, then the Underwriters may reduce that short position by purchasing Notes in the open market. In general, purchases of Notes for the purpose of stabilization or to reduce a short position could cause the prices of the Notes to be higher than in the absence of these purchases. The Underwriters are not required to engage in these activities, and may end any of these activities at any time. Neither we nor the Underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the prices of the Notes.
 
We may enter into hedging transactions in connection with the issuance of the Notes, including forwards, futures, options, interest rate or exchange rate swaps and repurchase or reverse repurchase transactions with, or arranged by, any of the Underwriters or an affiliate of that Underwriter. The applicable Underwriter and its affiliates may receive compensation, trading gain or other benefits in connection with these hedging transactions and the hedging transactions described below.
 
Each of the Underwriters has severally agreed that it will not offer or sell any of the Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan and any branch or other office in Japan of a
 
 
PS-5

 
corporation or other entity organized under the laws of any foreign state), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan.
 
The Underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.  Certain of the Underwriters and their respective affiliates have, from time to time, provided, and may in the future provide, investment banking, commercial banking and other services for the issuer in the ordinary course of business, for which they received or will receive in the future customary fees and commissions.
 
In addition, in the ordinary course of their business activities, the Underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers.  Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. Certain of the Underwriters or their affiliates that have a lending relationship with us or our affiliates routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to us and our affiliates consistent with their customary risk management policies.  A typical hedging strategy would include these Underwriters or their affiliates hedging such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities or those of our affiliates, including potentially the Notes offered hereby.  Any such credit default swaps or short positions could adversely affect future trading prices of the Notes offered hereby. The Underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.
 
We have agreed to indemnify the several agents against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of these liabilities. We have also agreed to reimburse each of the Underwriters for certain expenses.
 
 
 
 
PS-6
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