Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.25 billion aggregate principal amount of floating-rate medium-term notes, Series B due 2020 and $750 million aggregate principal amount of 2.650% medium-term notes, Series B due 2022.

Toyota Motor Credit Corporation provides retail and wholesale financing, retail leasing and certain other financial services to authorized Toyota and Lexus vehicle dealers and their customers in the United States (excluding Hawaii) and Puerto Rico. Toyota Motor Credit Corporation is an indirect wholly owned subsidiary of Toyota Motor Corporation of Japan.

The Davis Polk corporate team included partners Nicholas A. Kronfeld and Michael Kaplan, counsel Michael J. Moldowan and associate Rahim Manji. Partners Lucy W. Farr and Rachel D. Kleinberg and associates Liang Zhang and Summer Xia provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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