Form FWP TOYOTA MOTOR CREDIT CORP Filed by: TOYOTA MOTOR CREDIT CORP
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E-mailFiled Pursuant to Rule 433
Registration No. 333-252342
Term Sheet
June 7, 2023
| Issuer: | Toyota Motor Credit Corporation |
| Security: | Floating Rate Medium-Term Notes, Series B |
| Issuer Senior Long-Term Debt Ratings: |
Moody’s Investors Service, Inc.: A1 (stable outlook) S&P Global Ratings: A+ (stable outlook) Fitch Ratings: A+ (stable outlook) |
| CUSIP: | 89236TKW4 |
| Trade Date: | June 7, 2023 |
| Original Issue Date: | June 12, 2023 (T+3) |
| Stated Maturity Date: | June 13, 2024 |
| Principal Amount: | $2,300,000,000 (may be increased prior to the Original Issue Date) |
| Price to Public: | 100.000% |
| Commission: |
0.030% in the case of RBC Capital Markets, LLC 0.150% in the case of Toyota Financial Services Securities USA Corporation |
| Net Proceeds to Issuer: |
99.970% / $1,149,655,000 in the case RBC Capital Markets, LLC 99.850% / $1,148,275,000 in the case of Toyota Financial Services Securities USA Corporation |
| Interest Rate Basis: | SOFR |
| Spread: | +62 basis points |
| Minimum Interest Rate: | 0.000% |
| Interest Payment Frequency: | Monthly |
| Initial Interest Rate: | The initial interest rate will be based on SOFR determined as of June 8, 2023, plus the Spread. |
| Interest Payment Dates: | Each January 13, February 13, March 13, April 13, May 13, June 13, July 13, August 13, September 13, October 13, November 13, and December 13, beginning on July 13, 2023, and ending on the Stated Maturity Date (long first coupon). |
| Interest Reset Dates: | Each U.S. Government Securities Business Day in the relevant Interest Payment Calculation Period. The first interest reset date shall be the Original Issue Date and thereafter, each U.S. Government Securities Business Day. |
|
Interest Determination Date:
|
The second U.S. Government Securities Business Day preceding the relevant Interest Reset Date. |
| Interest Payment Calculation Period: |
The period from and including one Interest Payment Date to but excluding the immediately following Interest Payment Date, provided that the first Interest Payment Calculation Period shall be from and including the Original Issue Date to but excluding the first Interest Payment Date. |
| Day Count Convention: | Actual/360 |
| Business Day Convention: | Modified Following, adjusted |
| Business Days: | New York and U.S. Government Securities Business Day |
| Governing Law: | New York |
| Calculation Agent: | Deutsche Bank Trust Company Americas |
| Minimum Denominations: | $1,000 and $1,000 increments thereafter |
| Agents/DTC Numbers: | RBC Capital Markets, LLC/#0235 |
|
Toyota Financial Services Securities USA Corporation/#0443 |
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to withdrawal at any time.
This term sheet supplements the prospectus supplement dated January 25, 2021 and the related prospectus dated January 22, 2021; capitalized terms used in this term sheet, but otherwise not defined, shall have the meanings assigned to them in the prospectus supplement and the related prospectus.
The Issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement and the related prospectus and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the web at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling RBC Capital Markets, LLC toll-free 1-866-375-6829 or Toyota Financial Services Securities USA Corporation toll-free at 1-800-292-1147.
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