Toyota prices $1.5 billion notes; Gaming & Leisure sells $1.1 billion notes in two parts

By Devika Patel

Knoxville, Tenn., Sept. 17 – Primary activity in the investment-grade bond market on Monday saw three new deals pricing.

Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp. Toyota Motor Credit Corp. priced $1.5 billion of series B medium-term notes in two floating- and fixed-rate tranches.

The company priced $750 million of two-year floating-rate notes at par. These notes priced at par with a coupon of Libor plus 17 basis points.

Toyota Motor Credit also sold $750 million of 3.45% five-year notes with a spread of Treasuries plus 60 bps. These notes priced at 99.804 to yield 3.493%.

Wyomissing, Pa.-based gaming-oriented real estate investment trust Gaming & Leisure Properties Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. priced $1.1 billion of senior unsecured notes in two parts.

The company sold $750 million of 5.3% notes due Jan. 15, 2029 at 99.985.

There was also a $350 million add-on to the company’s 5.25% notes due June 1, 2025 at 102.148.

Baltimore-based subsidiary of Exelon Corp. Baltimore Gas and Electric Co. launched $300 million of 30-year 4.25% notes due Sept. 15, 2048.

The notes were sold at 99.916 to yield 4.255%.

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