Toyota Motor Credit (TM/28)

Filed: 8 Dec 21, 3:30pm


Filed Pursuant to Rule 433
Registration No. 333-252342


Term Sheet
December 8, 2021


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)

Trade Date:December 8, 2021
Original Issue Date:December 13, 2021 (T+3)
Stated Maturity Date:June 13, 2023
Principal Amount:$750,000,000 (may be increased prior to the Original Issue Date)
Price to Public:100.000%

0.045% in the case of J.P. Morgan Securities LLC

0.175% in the case of Toyota Financial Services Securities USA Corporation

Net Proceeds to Issuer:

99.955% / $374,831,250 in the case of J.P. Morgan Securities LLC

99.825% / $374,343,750 in the case of Toyota Financial Services Securities USA Corporation

Interest Rate Basis:SOFR
Spread:+35 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 December 9, 2021 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 January 13, 2022 and ending on the Stated Maturity Date.
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
Sole Bookrunner/DTC Number:J.P. Morgan Securities LLC/#0187
Co-manager:Toyota Financial Services Securities USA Corporation
Concurrent Offering:Concurrently with this offering of the notes, the Issuer is also offering by means of a separate term sheet $1,250,000,000 aggregate principal amount of Floating Rate Medium-Term Notes due December 14, 2022 (the “2022 Notes”).  This term sheet does not constitute an offer to sell, or the solicitation of an offer to buy, any of the 2022 Notes.  Any offering of the 2022 Notes may be made only by means of a prospectus and related prospectus supplement.


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 J.P. Morgan Securities LLC collect at 1-212-834-4533 or Toyota Financial Services Securities USA Corporation toll-free at 1-800-292-1147.


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