Toyota gets $15 billion of 364-day, three-year, five-year facilities

By Susanna Moon

Chicago, Nov. 17 – Toyota Motor Credit Corp. obtained a $5 billion 364-day syndicated credit facility, $5 billion three-year syndicated credit facility and $5 billion five-year syndicated credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Toyota entered into the facilities with BNP Paribas Securities Corp., Citigroup Global Markets Inc., JPMorgan Chase Bank, NA, Bank of America Merrill Lynch and Bank of Tokyo-Mitsubishi UFJ, Ltd. as the joint lead arrangers and book managers. BNP Paribas is the administrative agent. Citibank, NA, JPMorgan and Bank of America, NA are the swingline lenders. Citibank, Bank of America, JPMorgan and MUFG are the syndication agents.

For the 364-day facility, the maximum rate will be 75 basis points to 112.5 bps based on credit ratings before a term loan extension option and 75 bps to 137.5 bps afterward.

For the three-year loans, the minimum rate will be 50 bps to 87.5 bps based on credit ratings and the maximum rate will be 125 bps to 162.5 bps.

For the five-year loans, the minimum rate will be 75 bps to 112.5 bps based on credit ratings and the maximum rate will be 150 bps to 187.5 bps.

Proceeds will be used for general corporate purposes.

Toyota Motor Credit is a Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp.

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