Toyota Motor closes $11.4 billion 364-day, three- and five-year loans

By Susanna Moon

Chicago, Feb. 28 - Toyota Motor Credit Corp. obtained a $3.8 billion 364-day syndicated credit facility, a $3.8 billion three-year syndicated credit facility and a $3.8 billion five-year syndicated credit facility.

The company entered into the credit agreements with BNP Paribas Securities Corp., Citigroup Global Markets Inc., BofA Merrill Lynch and Bank of Tokyo-Mitsubishi UFJ, Ltd. as joint lead arrangers and joint book managers, according to an 8-K filing with the Securities and Exchange Commission.

BNP Paribas is the administrative agent, swingline agent and swingline lender. Citibank, NA and Bank of America, NA are swingline lenders. Citibank, Bank of America and Bank of Tokyo-Mitsubishi are syndication agents.

Proceeds may be used for general corporate purposes, and there were no drawdowns as of Thursday.

The 364-day agreement has a swingline sub-facility of up to $958.5 million, and the three- and five-year agreements each contain a swingline sub-facility of up to $958 million.

The 364-day loans may be extended by an additional 364 days and converted to term loans, subject to lender approval. The maximum rate on the 364-day loans ranges from 0.75% to 1.125% before the term loan extension option and ranges from 0.75% to 1.375% after the term loan extension option, based on the company's credit ratings.

Under the three-year credit agreement, the minimum rate ranges from 0.625% to 1%, and the maximum rate ranges from 1.375% to 1.75%, based on the company's ratings.

For the five-year credit agreement, the minimum rate ranges from 1% to 1.375%, and the maximum rate ranges from 1.75% to 2.125%

The new credit agreements replace the agreements dated Feb. 28, 2012 with BNP Paribas as administrative agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.