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Toyota Motor Credit (TM/28)

Filed: 1 Apr 22, 6:33am

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT 

Pursuant to Section 13 or 15(d) of the 

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): 

April 1, 2022

 

TOYOTA MOTOR CREDIT CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

California1-996195-3775816
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

 

6565 Headquarters Drive

Plano, TX 75024

(Address of principal executive offices, including zip code)

 

(469) 486-9300 

(Registrant's telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
 
Title of each class Trading symbol(s) Name of each exchange on which registered

Medium-Term Notes, Series B

Stated Maturity Date January 11, 2028 

 TM/28 New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On April 1, 2022, Toyota Motor Credit Corporation, a California corporation (“TMCC”), as borrower, entered into a revolving credit agreement (the “Intercompany Credit Agreement”) with Toyota Motor Sales, U.S.A, Inc., a California corporation (“TMS”), as lender, providing for a revolving credit facility with aggregate lending commitments of up to $5,000,000,000. Commitments under the Intercompany Credit Agreement will be available until the period ending March 31, 2025. The Intercompany Credit Agreement may be used for general corporate purposes and was not drawn upon as of the date of this filing.

 

TMCC is wholly-owned by Toyota Financial Services International Corporation, a California corporation, which is a wholly-owned subsidiary of Toyota Financial Services Corporation (“TFSC”), a Japanese corporation. TFSC, in turn, is a wholly-owned subsidiary of Toyota Motor Corporation (“TMC”), a Japanese corporation. TMS is wholly-owned by Toyota Motor North America, Inc., a California corporation, which is a wholly-owned subsidiary of TMC.

 

The foregoing description of the Intercompany Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

Item 1.02 Termination of a Material Definitive Agreement

 

The Intercompany Credit Agreement replaces the Revolving Credit Agreement, dated as of April 1, 2021, between TMCC and TMS, which was terminated on April 1, 2022.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.Description
10.1Revolving Credit Agreement, dated as of April 1, 2022, between Toyota Motor Credit Corporation and Toyota Motor Sales, U.S.A., Inc. 
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
  
  

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 TOYOTA MOTOR CREDIT CORPORATION
  
  
  
Date: April 1, 2022By:/s/ Scott Cooke
  Scott Cooke
  Senior Vice President and Chief Financial Officer