Toyota Motor Credit enters into three $4.33 billion credit facilities

By Tali David

Minneapolis, Nov. 25 - Toyota Motor Credit Corp. entered into a $4,334,000,000 364-day syndicated credit facility, a $4,334,000,000 three-year syndicated credit facility and a $4,334,000,000 five-year syndicated credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.

Under each of the facility agreements, Toyota Motor Credit Corp., Toyota Motor Finance (Netherlands) BV and Toyota Financial Services (UK) plc may make aggregate drawings not to exceed $4,334,000,000, Toyota Credit Canada Inc. and Toyota Credit de Puerto Rico Corp. may each make drawings not to exceed $866.8 million, and Toyota Kreditbank GMBH and Toyota Leasing GMBH may each make drawings not to exceed $433.4 million.

Each facility provides for a swingline subfacility of up to $1,083,500,000.

Each Eurocurrency rate loan will bear interest at a rate per annum equal to the Eurocurrency rate for each interest period plus 75 basis points to 187.5 bps; each base rate committed loan will bear interest at the base rate plus 75 bps to 187.5 bps; each Canadian prime rate loan will bear interest at the Canadian prime rate plus 75 bps to 187.5 bps; and each swingline loan will bear interest at the swingline rate.

Proceeds may be used for general corporate purposes.

BNP Paribas is the administrative agent, swingline agent and swingline lender; BNP Paribas Securities Corp., Citigroup Global Markets Inc., Bank of America Merrill and Bank of Tokyo-Mitsubishi UFJ, Ltd. are joint lead arrangers and joint book managers; Citibank, NA and Bank of America, NA are swingline lenders; and Citibank, Bank of America and Bank of Tokyo-Mitsubishi UFJ are syndication agents.

The funding arm of Toyota Motor Corp. is based in Torrance, Calif.

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