Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.25 billion aggregate principal amount of 1.900% medium-term notes, Series B, due 2021 (the “2021 Notes”), $900 million aggregate principal amount of 1.200% diversity and inclusion medium-term notes, Series B, due 2018 and $350 million aggregate principal amount of floating-rate diversity and inclusion medium-term notes, Series B, due 2018.

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 partner Nicholas A. Kronfeld, counsel Michael J. Moldowan and associate Jennifer Pinchevsky. Partner Lucy W. Farr and associate Koonho Cho provided tax advice. All members of the Davis Polk team are based in the New York office.

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